Finance Sector

Co-op Group members all set to vote on major overhaul plan

Co-op Group members all set to vote on major overhaul plan

Representatives of the Co-op Group are all set to vote on a proposed major overhaul of the 150-year-old organization that will decide its future.

While former City Minister Lord Myners has proposed a major overhaul of the group, saying it is necessary to keep the group afloat; traditionalists within the group may oppose the proposal as are reportedly still denying problems.

FCA reprimands credit firms for producing misleading ads

FCA reprimands credit firms for producing misleading ads

The Financial Conduct Authority (FCA) on Friday reprimanded consumer credit providers for using irresponsible adverts that lack key information and mislead consumers.

The FCA, which took over responsibility for the financial sector in April, stressed that adverts must be clear, fair and not ambiguous/misleading for consumers.

Britain’s financial markets regulator imposes £18.6M fine on Invesco

British financial markets regulator has slapped retail investment manager Invesco Perpetual with a huge fine of £18.6 million (US$31.3 million) for failing to comply with the country's risk limits and misleading investors.

IBEC Advocates Cut in Business Rates

IBEC the Business lobby group mentioned that an agreement should be drawn to make sure that any king of savings which is generated by the local authorities should directly be paid back to businesses through reductions in commercial rates.

Co-op reports huge loss of £2.5 billion for 2013

Co-operative Group's interim CEO Richard Pennycook has admitted that 2013 was a 'disastrous' year for the customer-owned group, which has sprawled to include food, medicine, supermarkets, funerals and banking.

Co-op expected to report loss of up to £2.5 billion

Following a series of "catastrophically inept decisions," Britain's Co-operative Group is now expected to report a loss of more than £2 billion on Thursday.

A source, familiar with the matter, said that the 170-year-old Co-operative group will report a loss of around £2.5 billion ($4.2 billion) for 2013. The group's activities range from supermarkets all the way to funeral services.

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