Andrew Tyrie News
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Across the Standard & Poor’s 500 Index of companies, the average multiple of CEO compensation to that of rank-and-file workers is 204, up 20 percent since 2009, according to data compiled by Bloomberg. The numbers are based on industry-specific estimates for worker compensation.
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European rules aimed at making insurers safer may cost the industry as much as 200 million pounds ($310 million) a year in the U.K., said Andrew Bailey, the country’s top banking and insurance supervisor.
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U.K. lawmakers have recommended the Treasury conduct a review into the advantages and disadvantages of splitting up state-owned Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc.
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Chancellor of the Exchequer George Osborne’s program to give taxpayer support to U.K. homebuyers is “unconvincing” and risks inflating house prices and exposing the Treasury to losses, a panel of lawmakers said.
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U.K. lawmaker Andrew Tyrie said Britain’s finance regulator must ensure customers are being treated fairly as a result of Bank of Ireland Plc raising interest rates for some mortgages.
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British lawmakers pushed for three former top executives at HBOS Plc to be banned from working in the financial industry after their “self-delusion” led the lender to require a 28 billion-pound ($42 billion) rescue.
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The U.K.’s new banking regulator must explain to a panel of British lawmakers how it intends to monitor and restrict lenders’ proprietary trading.
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The Bank of England officially takes on powers to regulate the financial industry this week, marking another step in one of the biggest revamps of the institution in its three centuries.
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The U.K.’s financial regulator is partly to blame for not detecting efforts by banks it supervised to rig benchmark interest rates for several years, lawmaker Andrew Tyrie said.
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The Bank of England governing board’s refusal to disclose its discussions during the financial crisis was “unsatisfactory” and prevented Parliament from holding the bank to account, Treasury Committee Chairman Andrew Tyrie said.
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