Author: Lily Harper

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.MPs have accused the chair of the Financial Ombudsman Service of “disrespectful” behaviour, saying she tried to stop them finding out that the body’s chief executive was sacked after a “mutual collapse in confidence”.The scathing findings by the House of Commons Treasury select committee add to a deepening crisis at the FOS. Its powers are set to be curbed by chancellor Rachel Reeves in her Mansion House speech on Tuesday after it became a lightning rod for City criticism of regulators.MPs have…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.UniCredit has attacked the Italian government’s intervention in its hostile takeover bid for rival Banco BPM, criticising its use of powers setting conditions for the deal as “illegitimate”.In a statement following an Italian court decision on Saturday that handed UniCredit a partial win against Giorgia Meloni’s government seeking to impose stringent conditions for a takeover deal, the Milanese bank said the court’s decision was “unequivocal proof that the way in which [the government’s powers] were used was illegitimate”.UniCredit, led by chief executive…

Stay informed with free updatesSimply sign up to the Financial services myFT Digest — delivered directly to your inbox.Cryptocurrency companies are racing to expand into traditional banking in the US, as they seek to capitalise on a friendlier regulatory environment under President Donald Trump and become more embedded in the financial system.Crypto payments group Ripple, stablecoin company Circle and custodian BitGo have applied for national trust bank charters that will allow them to offer some banking services, while crypto exchange Kraken plans to launch bank cards in the next month.“It’s a natural convergence,” Arjun Sethi, co-chief executive of Kraken, told…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The rich in Britain are turning to life insurance to reduce the pain of unexpected inheritance tax bills following a contentious overhaul of the system in the autumn Budget.“Every market has its day in the sun. Life insurance is having a moment,” said Holly Hill, associate director at insurance broker John Lamb Hill Oldridge, adding that she had seen “a deluge” of new policies taken out by estate owners following the Budget in October last year.John Lamb Hill Oldridge said it had…

Britain has taken significant steps to crack down on the harassment, bullying and cover-ups that can make office life hazardous for many people. Supporters say the reforms, which would expand rules for misconduct in financial services and prevent companies using “gagging clauses” to silence victims of harassment, should make the workplace safer and more harmonious.However, the changes have been criticised in some quarters. Opposition politicians have complained of “mission creep” by regulators that threaten economic growth.Lawyers warn that managers could find themselves held accountable for bad behaviour done by people they oversee, even if they did not know about it. Some…

Stay informed with free updatesSimply sign up to the European banks myFT Digest — delivered directly to your inbox.An Italian court has confirmed that lender UniCredit must comply with a government demand to exit from Russia if it wishes to complete the takeover of rival Banco BPM, in a blow to chief executive Andrea Orcel.The request by Giorgia Meloni’s government is “totally legitimate” and “there can be no doubt about the fact it is proper”, the court ruled. But it partially upheld an appeal by UniCredit on other measures demanded by Rome as conditions of the takeover.In the landmark ruling,…

Stay informed with free updatesSimply sign up to the Investments myFT Digest — delivered directly to your inbox.A lot has happened at Unilever since Nelson Peltz’s activist hedge fund, Trian Partners, started building a stake in the company three years ago.The consumer staples giant has since been through two chief executives, sold a bunch of non-core brands and is in the midst of spinning out its ice cream business via an Amsterdam stock market listing later this year.If one were to look at the bare figures, this activity has yet to feed through into earnings — though this may change…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.A cargo ship sunk by Houthi militants on Monday could face tens of millions of dollars in uninsured losses, after setting sail without war risk cover added to its policy from one of the world’s largest marine underwriters.US-based Travelers did not extend war risk cover to the Greek-operated bulk carrier Eternity C before its fatal Red Sea passage, multiple people familiar with the matter said, leaving the ship’s owners exposed to losses after a missile attack sank the vessel and killed at…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Blackstone is poised to win a battle for Warehouse Reit, after the listed UK landlord said it would switch its shareholder recommendation to an offer from the US investment group over a rival bid from Tritax Big Box Reit.Warehouse Reit said on Friday it was changing its endorsement after Blackstone confirmed it would allow shareholders to receive a dividend from Warehouse, which will be paid this month. The latest Blackstone offer amounts to 115p cash a share and values Warehouse at about…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.A small Italian pension fund is set to play a crucial role in Monte dei Paschi di Siena’s hostile bid for rival Mediobanca after it ploughed almost 70 per cent of its total European equities allocation into the Milanese bank. Enasarco, the private pension fund for trade agents with €9.8bn in assets, built a 2.52 per cent stake in Mediobanca this year, documents reviewed by the Financial Times show. The move, which has prompted accusations of government interference in the takeover bid…