Regs will drive UK banks out 'in months' - papers

HSBC chairman Douglas Flint has warned major UK banks are bringing forward potential plans to relocate overseas due to uncertainty over the future regulatory structure of the financial sector.

Two weeks before the Independent Commission on Banking delivers its preliminary report, Flint (pictured) said banks' customers are unable to carry out long term transactions when they are not sure of the future banking framework.

He said customers are threatening to bank elsewhere, forcing UK banks to relocate in order to retain business, according to the Telegraph.

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Pensioners hit by new HMRC demands

Around 150,000 pensioners have received demands for £800 in unpaid tax after another HMRC bungle.

The Revenue said yesterday it had put thousands of pensioners on the wrong tax code last year, the Daily Mail reports.

On average each pensioner owes £800 as they underpaid tax last year. HMRC has apologised for the mistake but is stilling billing for the missing money.

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Lords to call for Big Four inquiry

The Economic Affairs Committee is to launch a scathing attack on the Big Four auditors today after its eight-month inquiry into competition in the sector.

The Committee, part of the House of Lords, is likely to say the dominance of PwC, Ernst & Young, KPMG and Deloitte creates systematic risk within the industry, the Daily Mail reports.

It is expected the Lord's inquiry will spark a full-scale investigation into the Big Four by the Office of Fair Trading.

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