The Financial Services Authority (FSA) today announced the appointment of Lawrence Churchill CBE as the new Chairman of the Board of the Financial Services Compensation Scheme (FSCS) for three years. He will take up his appointment on 1 April 2012, succeeding David Hall CBE.

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FSA appoints new Board Chairman for Financial Services Compensation Scheme

In a speech at the Mansion House tonight, the chairman of the Financial Services Authority (FSA), Lord Turner, said that the reform of the regulatory structure in the UK would help ensure better results than in the past, but also highlighted remaining uncertainties and issues which needed detailed consideration by Parliament and by society at large before legislation was passed into law.

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The Mansion House City Banquet speech

Martin Wheatley a Financial Services Authority (FSA) Managing Director and US Securities and Exchange Commission (SEC) Chairman Mary L Schapiro today jointly hosted a roundtable discussion in London with global regulators on market structures.

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FSA and SEC host roundtable discussion on market structures

Europe could be made less competitive if the proposed shake-up of the accountancy profession is imposed, the chairman of the firm has warned

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PwC hits out at Brussels reforms

The Jackson Hole summit has traditionally been seen as a way to pick up the central threads of economic debate and search for clues over the future direction of policy.

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Policymakers steer clear of macroeconomic banana skins

David Sokol, the chairman of several of Berkshire’s most prominent holdings resigned just weeks after the company agreed to purchase Lubrizol – a business in which he held stock

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Buffett defends protégé’s actions

Sir David Tweedie, the chairman of the International Accounting Standards Board, reiterates his plea for the US to adopt the organisation’s financial reporting system

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IASB urges US to adopt new accounting rules

Whitehall remains far too prone to believing new regulations are the answer to public policy questions, says the chairman of the watchdog overseeing regulation

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Whitehall’s faith in red tape attacked

FSA staff have been claiming over £400 a night in expenses for hotel accommodation, reports Nicole Blackmore of Money Marketing.

According to FSA director expense claims, obtained by Money Marketing through a Freedom of Information request, chairman Adair Turner claimed £812 for two nights at a hotel in February, with a hotel expenditure of £5,889 between November 2008 and March 2009.

Chief executive Hector Sants claimed £11,245 in transport costs over the last three financial years, for the occasions when his full-time driver was unavailable.

Turner spent an average of £265 per night on hotel accommodation, while chief executive Sants’ average bill was £225 per night.

Managing director Jon Pain claimed £545 for a two-night hotel stay and other claims included 70p for a newspaper. Managing director Sally Dewar claimed £358 for one night’s hotel stay.

The total expenses claimed by FSA directors over the past three financial years is just short of £110,000. The FSA says it does not keep a record of rejected claims.

The FSA says: “Many hotel costs are for international speaking engagements where it is necessary to stay in the same place as the conference is being held, which is often in capital cities where demand is high and availability often limited. We aim to get the best value from the range of options available.”

Highclere Financial Service partner Alan Lakey says: “Am I surprised? Of course I’m not. But I am angry that my money is being used in this way.”

Lee Werrell, owner of CEI Compliance commented that; “Of course the FSA are going to have expenses when travelling on business and £400 a night in a good hotel would be expected by such a senior person. There are far more expensive hotels than that if someone really wanted to kick the bottom out of expenses. If placed in context, these costs are not excessive.”

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Stephen Karle, the former West-Brom Building Society chief executive  received £520,600 as a pay-off in 2008 despite taking the firm to the brink of bankruptcy.

The Daily Telegraph reported that, Karle earned £686,600 during his seven months work, including a 13% bonus. He is also entitled to a pension from the age of 65 of £95,000 a year .

The West-Brom Group published a £48.8m pre-tax loss in June with £66m of bad debts. The Government stepped in when the firm was on the brink of insolvency with a new financial instrument to allow the firm to recapitalise.