NHS gets £8m payout over drug firm's anti-competitive practices | Business

NHS gets £8m payout over drug firm’s anti-competitive practices | Business

The NHS has been given an £8m payout from a pharmaceutical firm after an investigation found that it engaged in anti-competitive practices that pushed up the cost of a life-saving drug for the health service. It is the first time that the Competition and Markets Authority has securedsuch a payment to the NHS as part […]

Continue Reading
Conservatives hate red tape – unless it’s to regulate the behaviour of their enemies | Richard Denniss | Opinion

Conservatives hate red tape – unless it’s to regulate the behaviour of their enemies | Richard Denniss | Opinion

Australia needs more regulation of the banks, more regulation of the aged care sector, more regulation of property developers, more regulation of the mining industry and more regulation of the way we use the water in our rivers. But conservatives are still calling for a reduction of so-called red tape. WTF? Hundreds of high-rise buildings […]

Continue Reading
Ladbrokes Coral hit by £5.9m penalty over vulnerable gamblers | Business

Ladbrokes Coral hit by £5.9m penalty over vulnerable gamblers | Business

Ladbrokes Coral will pay a £5.9m penalty, one of the largest imposed by the Gambling Commission, over multiple failures to step in as problem gamblers lost hundreds of thousands of pounds. “These were systemic failings at a large operator, which resulted in consumers being harmed and stolen money flowing though the business and this is […]

Continue Reading
Accountancy fines double to record £32m as regulator gets tough | Business

Accountancy fines double to record £32m as regulator gets tough | Business

Fines against accountants more than doubled to a record £32m last year as the regulator cracked down on auditors in an attempt to repair its reputation in the wake of Carillion’s controversial collapse. The penalties imposed mark a significant rise from the £13m in fines handed out by the Financial Reporting Council over the 2017-18 […]

Continue Reading
Expand credit unions as alternative to payday lenders, FCA urges | Money

Expand credit unions as alternative to payday lenders, FCA urges | Money

The financial regulator is calling for a government review of credit union rules to give vulnerable consumers a viable alternative to payday lenders. The Financial Conduct Authority said looser laws would allow credit unions to offer a wider range of products and services to customers. It said the move could help higher risk customers who […]

Continue Reading
City regulator fines balloon to £320m in six months | Business

City regulator fines balloon to £320m in six months | Business

The City regulator imposed more fines on companies in the first half of 2019 than in the previous three full years as it faced mounting pressure over failing to protect customers of the financial services industry. In the six months to the end of June, the Financial Conduct Authority (FCA) imposed 10 fines worth a […]

Continue Reading
Little hope for a summer bounce as no-deal fears drag down GDP growth | Business

Little hope for a summer bounce as no-deal fears drag down GDP growth | Business

One swallow doesn’t make a summer, so the old saying goes. For the warm middle months of the year, the British economy looked remarkably frosty, chilled by fears over a no-deal Brexit, until the Office for National Statistics reported a surprisingly strong month for growth in May. The figures, released last week, were a glimmer […]

Continue Reading
Watchdog finds work of Patisserie Valerie auditor unacceptable | Business

Watchdog finds work of Patisserie Valerie auditor unacceptable | Business

The former auditor of Patisserie Valerie, the cake and cafe chain at the centre of an alleged accounting fraud, has been placed under increased scrutiny after the industry watchdog called the quality of its work “unacceptable”. Grant Thornton was the worst performer in the Financial Reporting Council’s annual review of audits by the UK’s big […]

Continue Reading
George Osborne must understand the IMF role is no popularity contest | Nils Pratley | Business

George Osborne must understand the IMF role is no popularity contest | Nils Pratley | Business

If George Osborne’s “friends” were not advertising the former chancellor’s interest in the top job at the International Monetary Fund, would we even take the idea seriously? One suspects not. The UK has a strong candidate to push to be managing director of the IMF. He is Mark Carney, governor of the Bank of England. […]

Continue Reading

The FCA – a watchdog too nice and chummy to bark or bite | Business

Nobody fears the Financial Conduct Authority. Nobody fears its genial boss, Andrew Bailey. Not really. Or at least not enough to worry about doing jail time or even being banned from working in the City if they do something wrong. The FCA might be the main regulator of the financial services industry on behalf of […]

Continue Reading