Thursday newspaper round-up: Carillion, Ticketmaster, TSB, FTSE 350 women
The City watchdog has revealed it is investigating allegations of insider trading at the building and services contractor Carillion before its spectacular collapse in January. In a letter to MPs, the Financial Conduct Authority (FCA) chief, Andrew Bailey, said he was looking into allegations that people connected to the company had traded in its shares using inside knowledge before Carillion’s huge profit warning on 10 July 2017. – Guardian
UK customers of Ticketmaster have been warned they could be at risk of fraud or identity theft after the global ticketing group revealed a major data breach that has affected tens of thousands of people. The company could face questions over whether there was a delay in disclosing the breach after it emerged that some UK banks have known about the incident since early April. – Guardian
Retailers could soon be shipping goods from warehouses owned by the Queen as the Crown Estate considers expanding its investment in industrial property to capitalise on booming demand from online sellers. The company said it had not ruled out adding more warehousing to its portfolio as it seeks to cushion itself from the impact of turmoil on the high street. - Telegraph
TSB staff warned that the bank was not ready for its IT system switch in the months before it pressed "go" on the disastrous upgrade in late April, new documents have revealed. Newsletters produced by union TBU for its members at TSB, published by MPs on the powerful Treasury committee today, reveal a litany of concerns voiced by workers going as far back as last September. – Telegraph
Free banking is a myth perpetuated by banks that make much of their profits from customers who fail to shop around for better deals, the head of the City watchdog has said. Andrew Bailey, chief executive of the Financial Conduct Authority, warned there was “no such thing as free banking” as the regulator published a report exposing how lenders used the cross-sale of products, in particular overdrafts, to cover the costs of supposedly free current accounts. – The Times
Britain’s 350 biggest companies are likely to miss a government-backed target that says a third of board positions should be held by women by 2020. Women represent just 25.5 per cent of directors in FTSE 350 companies, according to the Hampton-Alexander review, which was launched by the government in 2016 to increase gender diversity. To meet the target, 40 per cent of all appointments made in the next two years would need to go to women. – The Times