Large Valeant shareholder gives up stake amid mounting losses July 13, 2016 An investor letter has revealed that one of Valeant Pharmaceuticals largest shareholders has ditched its stake in the firm over the last quarter. Mutual fund Sequoia told investors (the letter can be read here) it no longer owned any shares of Valeant, the controversial pharma firm that has grown quickly in recent years through acquisitions and drug price hikes. At [...]
Competition and Markets Authority launches market study into the legal services sector to examine concerns about affordability and standard of services January 13, 2016 The Competition and Markets Authority (CMA) today announced that it had launched a market study into the legal services sector. The study will examine concerns relating to affordability and standard of services offered to consumers and small businesses. In particular, the CMA is reviewing how able consumers are to make informed purchasing decisions and whether adequate [...]
Valeant’s keeping former chief executive Michael Pearson on as a consultant May 31, 2016 Michael Pearson, the former Valeant chief executive that was ousted from the company earlier this year, will remain on as a consultant, filings have today revealed. He will also pocket a $9m (£5m) severance payment. Pearson, who since he was appointed CEO in 2008 steered Valeant through a 1,000 per cent share price increase and subsequent collapse, [...]
CMA updates the market on banking review May 21, 2015 THE COMPETITION and Markets Authority (CMA) will focus on difficulties customers face when trying to switch personal and business current accounts in its banking market investigation. The government body yesterday provided an update on its inquiry so far, and said it was focusing on three specific areas, the first being a look at the problems [...]
CMA vs Ofgem: Competition watchdog to report findings from energy market review July 5, 2015 The Competition watchdog will publish the provisional findings of its energy market investigation tomorrow, in which it is expected to slam rival regulator Ofgem over a failure to promote competition in the market. The Competition and Markets Authority (CMA) began looking at the UK energy market in June last year, after a referral by [...]
Bank customers missing out on financial advice as mobile channel fails to drive engagement May 24, 2016 Banks are failing to provide customers with enough financial advice, a new survey has shown. The second annual Performance Against Customer Expectations (PACE) index from banking software firm FIS has revealed 82 per cent of UK banking customers receive no financial advice as the fast growing mobile channel struggles to offer the same level of engagement [...]
British Gas set to cut 684 jobs in its services operations and close its Oldbury office April 20, 2016 British Gas, owned by multinational Centrica, has launched a consultation on whether to close its Oldbury office, putting 684 jobs at risk. The review is part of a plan announced by Centrica in July last year to cut 6,000 jobs by 2017, bringing its headcount down by a net of 4,000. The consultation is expected to last 45 days and [...]
Legal sector needs a single regulator and more control over who can call themselves a lawyer, warns Law Society chief executive February 15, 2016 The boss of the Law Society has today called for there to be a single regulator for the legal profession and more control over who can call themselves a lawyer. Writing in industry publication The Law Society Gazette, Catherine Dixon, chief executive of the Law Society, urged government not to pull legal regulators and their professional bodies [...]
TSB results: Chief executive Paul Pester says the big banks have it far too easy as his challenger bank reports 22 per cent increase in customer lending for 2015 January 28, 2016 TSB Bank chief executive Paul Pester told City A.M. that the challenger bank "definitely went from strength to strength" in 2015, as the lender announced its full-year results this morning. The retail and commercial bank, which was carved out of Lloyds Banking Group in 2014, reported profits were ahead of expectations, with management profit before tax of £105.7m, while [...]
Ladbrokes takes step closer to Coral takeover – but it could be forced to shut 400 shops first May 20, 2016 Shares in Ladbrokes were up almost 12 per cent this morning, after the competition watchdog suggested its takeover of Gala Coral was nearing the final furlong. But first the betting chain could be forced to close as many as 400 shops. Shares in the bookie hit 133.3p in mid-morning trading after the Competition and Markets [...]