Clifford Chance is publishing a report into an embarrassing incident from last March when an official from the Financial Conduct Authority briefed the Telegraph about a potential insurance investigation.
At the time, the markets took fright and reacted badly. It wiped billions of pounds of the value of the UK’s biggest insurers, which left those insurers and politicians alike furious. An independent report by Clifford Chance will announce what sanctions are to be taken on the FCA. Russell describes it as “a slap on the wrist for the gamekeepers.”
Russell also talks through the double-edged sword of dropping petrol prices for Stagecoach. On the one hand, it means the company have lower running costs. However, Stagecoach have announced they are expecting a difficult year in 2015 because cheaper petrol prices mean people are more likely to drive their car and less likely to use their services.
Russell also discusses the potential Canary Wharf takeover by the Qataris.