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Mis-selling victims to share £1.3bn bank compensation
The Financial Conduct Authority has ordered 13 banks including Morgan Stanley and HSBC to settle claims of identity theft insurance mis-selling. The FCA said Card Protection Plan Limited’s (CPP) identity protection policies between 2005 and 2011 were sold to many people who did not need the cover. CPP sold to customers directly and high street banks and credit card issuers introduced millions of customers to the scheme.
Monetary Policy Committee member proposes more QE
Martin Weale, one of the top BoE policymakers, said that the bank may resort to further “quantitative easing” if the economy dithers again. He said that he could “certainly envisage circumstances” for further asset purchases.
Wagamama founder to open first Chinese gastropub in Soho
Wagamama chain founder Alan Yau and the Michelin-starred Hakkasan restaurant are planning to launch London’s first Chinese gastropub in Soho together. Expected to open early next year, the venue will offer Asian-themed cocktails and street-style Chinese dishes.
The Great British talent drain: 400 Brits leave the UK every day
Senior conservative MP Nick de Bois has warned that the UK is facing a major talent drain as more than 400 British citizens leave the country every day. “We have to convince those people, who we have invested so much in, to make Britain their first choice. We have to continue to drive lower taxes, we have to keep driving the change and reform in our public services,” said Bois.