the financial conduct authority is criticising this report for not acting quickly enough after concerns it says it is reviewing its rules on transfers, but for steelworkers like richard, any changes will be too late. coming up at six o'clock on breakfast — charlie stayt and naga munchetty will have all the day's news, business and sport. stay tuned to that. this is the briefing from bbc news. the latest headlines... teachers and students are among at least 17 people shot dead at a high school in florida. a 19—year—old former student — who'd been expelled — has been arrested. south africa's governing anc welcomes president zuma's resignation. he says he wants to prevent violence being committed in his name. as donald trump cracks down on immigration, the spouses of working immigrants could soon lose their visas. now, it is time look at the stories that are making the headlines in media across the world. we begin with bloomberg's take on jacob zuma's resignation. it says the south african rand jumped to a 3—year high after the president agreed to step down. and it says the story of the po

the report noted that the regulator, the financial conduct authority, only acted two months after we for the authorities to be more proactive. there are large numbers of people who will do other people down when it comes to money, and therefore what we want is robust regulators who don't wait to be pushed into it but actually are on the lookout, on the front foot, thinking, "these are our responsibilities". the financial conduct authority told us that following what happened to steelworkers at plants like this one in port talbot, it's reviewing its rules on pension transfers. but some experts say that what happened here should be a wake—up call to the industry. this is not uncommon. we have seen bhs and carillion are similar examples of this, so the individual details will vary but these situations will arise again so it is important the lessons are learned from this case. pension freedom reforms have led to a boom in similar transfers over recent years. this report highlights that workers like richard need more protection. sian lloyd, bbc news, port talbot. you can reach me and most

otherwise it will be the case that the financial conduct authority finds events overtake him.her the bank nor the regulator wanted the bank nor the regulator wanted the public to see including phrases like, "rope, sometimes you need to let customers hang themselves." another one, "grg management was aware or should have been aware. we view these issues as part of an intentional or coordinated strategy. it was this strategy that was the underlying cause of the poor treatment." the businessmen who first accused the bank of mistreating customers say those behind the scandal aren‘t being held accountable. the whole fca process has taken far too long. 0ver four yea rs has taken far too long. 0ver four years is ridiculous. but what‘s probably worse than that is the way they seem to have worked hand in glove with rbs and negotiated behind—the—scenes with rbs about what would be in the report. to the point where the regulators are saying, i‘m not sure we want to publish this yet because rbs might sue us. publish this yet because rbs might sue us. who is regulating who. neither the ban

the report noted that the regulator, the financial conduct authority, only acted two months after wee proactive. there are large numbers of people who will do other people down when it comes to money, and therefore what we want is robust regulators who don't wait to be pushed into it but actually are on the lookout, on the front foot, thinking, "these are our responsibilities". the financial conduct authority told us that following what happened to steelworkers at plants like this one in port talbot, it's reviewing its rules on pension transfers. but some experts say that what happened here should be a wake—up call to the industry. this is not uncommon. we have seen bhs and carillion are similar examples of this, so the individual details will vary but these situations will arise again so it is important the lessons are learned from this case. pension freedom reforms have led to a boom in similar transfers over recent years. this report highlights that workers like richard need more protection. sian lloyd, bbc news, port talbot. alex mcleish has agreed a deal to become the new scotla

the report noted that the regulator, the financial conduct authority, only acted two months after wembers of people who will do other people down when it comes to money, and therefore what we want is robust regulators who don't wait to be pushed into it but actually are on the lookout, on the front foot, thinking, "these are our responsibilities". the financial conduct authority told us that following what happened to steelworkers at plants like this one in port talbot, it's reviewing its rules on pension transfers. but some experts say that what happened here should be a wake—up call to the industry. this is not uncommon. we have seen bhs and carillion are similar examples of this, so the individual details will vary but these situations will arise again so it is important the lessons are learned from this case. pension freedom reforms have led to a boom in similar transfers over recent years. this report highlights that workers like richard need more protection. sian lloyd, bbc news, port talbot. team gb could be about to win its first medal of the 2018 winter olympics after dom pa

we passed evidence of his complaint to the financial conduct authority, which regulates the industry.lcomes the scrutiny by mps, but says it is too late for him. the parliamentary report is spot on, but where that leaves people like myself, i need to know. -- i really don't know. it may highlight the fact for other pension schemes in the future, and this may not happen on this scale again. hopefully, it doesn't. but, that is little comfort to people like myself, you know. what happened to still workers has been described as a mis—selling scandal. the report makes recommendations to show that similar mistakes are not repeated. including a ban on contingent fees, where financial advisers only get paid if the client transfers their pension. the financial conduct authority is saying it is reviewing its rules on pension transfers, as experts say the case should be taken as a wake—up call to the industry. this is not uncommon, and we have seen bhs, and carillion are similar examples of this, so the individual details will vary, but these situations will arise again, so it is important that

the financial times, the head of the financial conduct authority features on the front, he is underfirefire in an alleged tax avoidance scheme. the telegraph has the queen enjoying herself at london fashion week. the paper leads with the scandal at save the children saying that the former chief executive at that organisation has admitted making what he called unsuitable and thoughtless comments to female members of staff. hundreds killed in just to female members of staff. hundreds killed injust two to female members of staff. hundreds killed in just two days, but as the war in syriai. the times features a story on the labour leaderjeremy corbyn who is accused of wanting a soviet style. let us start off with the guardian. syria, and full image. eastern ghouta, this is a catastrophe. these are the pro—government forces attacking this territory. they rebel

the financial conduct authority is now looking at what's gone on with the advice., take a bit out and invest elsewhere, is there a danger with those freedoms come a lot of risk? absolutely, we have heard of bhs, carillion and british steel and that undermines people's confidence in final salary pension schemes but most of the time in reality they are good deal so if you have one, hang onto it. if you don't have one of those, if you have a personal pension, a pot of savings money, then pension freedoms are a good thing, they give you control of your money and they are very popular. given the choice you're better staying with a guaranteed pension of a final salary steam but most people don't have that choice any more. such a difficult area, thanks for explaining, tom mcphailfrom hargreaves lansdowne. explaining, tom mcphailfrom hargreaves la nsdowne. later explaining, tom mcphailfrom hargreaves lansdowne. later i will be back to talk about however one might be getting a pay rise, workers getting an uplift in salaries —— however it one. —— how everyone. set up on the

the financial conduct authority is criticised in this report for not acting quickly enough after concerns late. sian lloyd, bbc news. our correspondent tomos morgan is in port talbot. good morning to you. some strong line was being used talking about workers being fleeced out of money that they should have had. just for the benefit of our viewers, remind us the benefit of our viewers, remind us of the background to all of this, festival? well, this all started just over two years ago, now. financially, they off—loaded around a thousand jobs, in wales. and, one of the reasons they said they had to do that, was they were rumoured to be losing, around £1 million a day, and the way that they said after they put the company up for sale, that they would be able to carry on and remain solvent was to uncouple themselves from the british steel pension scheme. the original scheme, which had a £700 million deficit. they gave the workers a option, to uncouple themselves from that scheme andjoina new uncouple themselves from that scheme and join a new scheme, otherwise they would be an solvent. they v

the chief executive of the financial conduct authority put up the financial conduct authority put upandrew bailey the head of the body, very much in the firing line. many kfc outlets across the uk remain closed today because of a continuing lack of their key ingredient, chicken. the fast food chain, which has nearly 900 outlets, blames problems after switching to a new delivery firm dhl. it's encouraging staff to take leave while restaurants are closed. but the majority of outlets are franchises — which means many workers could be hit hard, as our correspondent sima kotecha reports. for chicken lovers and fast—food fans it is another day of sadness. hundreds of kfc stores closed across the country because of a shortage of britain's most popular bird meat. how can you run out of chicken in kfc! this kfc in the centre of birmingham is open but it has a limited menu. it serves only chicken popcorn. the chain says almost 600 remain closed around the country and it is not clear when they will be back open. kfc says it has happened because it has changed distributors. it used to use south

the financial authority estimates that to an half million has been stolen in the last year from pension pot. fascinatingly, they have cloned the financial conduct check on their company against the site, it refers you to a clone website that tells you to a clone website that tells you the company is legitimate. which talk about how facts here —— they talk about how facts here —— they talk about how facts here —— they talk about halifax being targeted. big—name. what is interesting is, cyber security, the government will spend more on that. it is a new front. there is a huge amount of money sloshing around which in the past was safely stored away. money sloshing around which in the past was safely stored awaym would have been locked up. past was safely stored awaym would have been locked upm past was safely stored awaym would have been locked up. it says here... don't invest in anything else! they are not qualified to give advice. the daily express has a more positive story about pensions. pensions boost the millions. deficits have gone down because of a perfect cocktail of conditions, apparently. they are saying the surge in the stock market ha

will come up again ina because the situation will come up again in a different guise, the financial conduct authorityor the scheme members, this is a question of whether they can get compensation for bad advice. thank you, head of policy at hargreaves lansdown. standard life aberdeen loses a lloyd‘s contract, asset management contract, more on that later. you‘re watching business live. our top story... south africa‘s presidentjacob zuma has resigned leaving cyril ramaphosa as the acting president. he‘s likely to be sworn in later on thursday or on friday. a quick look at how markets are faring. the european markets all opening in positive territory so far today. many of us can‘t start the day without one. 0ur morning cup of coffee has become a daily ritual, so much so that coffee is actually the most popular drink worldwide. i actually do not drink coffee, i drink tea. around 2 billion cups of coffee are consumed every day according to the british coffee association. but our addiction to that cup ofjoe is having an adverse affect on the environment. while the average coffee cup is technically recycla

however, the financial conduct authority has not released this, has not published it. if it is not published, they will have to hand it over. the treasury select committee have a meeting on tuesday, on the 20th, when they will discuss the matter further. but on the 20th, when they will discuss the matterfurther. but it on the 20th, when they will discuss the matter further. but it has been a stand—off between these two forces, as it were, the treasury select committee, with the chair nicky morgan, and the financial conduct of warranty. it sounds like an unusual move. it sounds as though rbs could be in trouble over this. yes. well, the sca, rbs, yes. the global restructuring group got itself a bad name, infamous in some people‘s opinion. the treasury select committee said, "this is about a government regulate, a version of the reported in the public domain. a lot people know about it. the sca has completely lost control of the publication process. if the sca does not publish or provide the report by friday, it will reach an order by the house of commons." and stuff. mo

say the powell: let me situation with libel is such that the financial conduct authority in london is said they will not compel banks to submit submissions to the panel after the end of four years. the fca can no longer guarantee the continuation. beingwere to stop published, there are contracts in the world and that is -- that as the potential of being significant problem. solving it is a high priority for us. there will be cost to doing so but they would be trivial in comparison to the failure to be ready for this change should it be necessary. what is a result of the impact? >> we are seeking impact from businesses that will be subject to this at the moment. honestly though, the cost of failure to act would be potentially quite high. rates go the opposite anticipatedo you anything that arises? do you expect any systemic risk in moving? >> i do. systemic risk would be increased. think a risk-free rate, which is used to price the vast derivative markets and not so much the bank lending markets, it is more derivatives based now, which would be an improvement to have. >> when it was se

sulfur >> well, i would say -- let me say that the situation with libor is such that the financial conduct authority in london has said that they will no longer compel banks to submit their submissions to, you know, the libor panel after the end of four years and at that time the fca can no longer guarantee the continuation of libor. now if libor were to stop being published then, there are 300 plus trillion dollars of libor backs in the world that is a stability problem. so solving it is a very high priority for us and i think for financial regulators aren't world. there will be costs to doing so. but they would be trivial in comparison to the failure to be ready for this change should it be necessary >> what type of borrowing kofco do you project for businesses as a result of the impact of this change >> so we're actually seeking a lot of input from businesses that will be subject to this at the moment but honestly, though, the cost of failure to act would be potentially quite high >> yes, sir. >> since rates go the opposite direction to libor during market stress, do you anticipate any new system

it comes after they had ordered the head of the financial conduct authority to publish the report earlierilege to publish the report. nicky morgan, the committee's chair, said the findings in the report were "disgraceful" and said there was "overwhelming public interest" to publish the otherwise confidential report. she said the "overwhelming priority" for grg was not customers, but "generating revenue" for rbs. i can speak now to derek carlyle, a property developer whose accounts were transferred to rbs's global restructuring group. that is the unit of rbs and the centre of this controversy. thank you for being with us. tell us how you for being with us. tell us how you were affected by rbs. you are effectively one of these small businesses that was allegedly mistreated by rbs. that is correct. i was mistreated by rbs. that is correct. iwasa mistreated by rbs. that is correct. i was a tax by rbs in 2008, i would say. they had remained on a promise to lend me money. in august 2008 when i wasn't in financial difficulty but the bank were, they asked me for money and really said to me that i

it comes after they ordered the head of the financial conduct authority to publish the report earlierhaven't been able to publish it ourselves, the concern of the regulator is so electrified, if you like, they hadn't been prepared to put it out themselves. mps have asked andrew bailey the chief executive of the financial conduct authority to publish it repeatedly and here are fused but then it was leaked to mp5, they threatened to publish it, the chair of the treasury select committee said regulator if you don't publish it, we demand you handed over, unusual step and published it ourselves, that's what they've just done. let me give you a flavour why it's such an explosive report. it's because it says grg history did thousands of small business customers and there was widespread and systematic mistreatment and that wasn't just an isolated thing. it was the thing of an intentional and coordinated strategy that management was aware of what should have been aware of that allowed per practice to develop. so we are talking specifically about the treatment of small businesses here? that's r

the financial conduct authority said provident‘s vanquis unit failed to properly disclose charges onbattle for control of sky. comcast has launched a £22 billion bid for the country. that is despite 20th century fox already having agreed a deal worth more than £18 billion. it wa nts deal worth more than £18 billion. it wants the 61% of sky it does not already own. joining us now is alice enders, director of research at enders analysis. up up until now we were led to believe mr murdoch would get his hands on it and it was a done deal almost. who is the new bid? comcast in the us, fixed line broadband is ex—growth. they do not have an international presence. this would be their first international presence and they would acquire premium pay—tv company. let's talk about the company. let's talk about the company. prepared to pay £22 billion, £4 billion more than agreed with rupert murdoch? the endgame of the fox sky deal is still ahead of us. 61% of the vote is available as you know. we're getting through the regulatory clearance of fox— sky here in the uk. bearing in mind december fox s

pensions select committee says it cost the people involved thousands of pounds, and that the financial conduct authoritytect them after the closure of the british steel pension scheme. more than a thousand driving bans were issued in 2017 to children who were not legally old enough to be behind the wheel of a car. some youngsters, aged 12 were included in the ban, and the figure has risen by almost 50 %, over the past four years. the statistics were given to the bbc under the freedom of information act. the rac describe the numbers as "the tip of the iceberg". differences in life expectancy between the richest and poorest neighbourhoods have widened according to a new report. the longevity science panel found that, a boy born in one of the most affluent areas such as st albans will outlive one born in one of the poorest such as blackpool by nearly eight and a half years. it's very unfair in our society that the poor, particularly among the elderly, are already quite disadvantaged in terms of income and all kinds of other social and economic factors. and they're also more likely than their richer counter

. >> let me say the situation with libor, financial conduct authority in london said they'll no longer compel banks to submit submissions to libor panel after the end of four years, and at that time fca can no longer guarantee. if libor stops publishing, there are 300 plus trillion dollars worth of libor contracts in the world, that has all of the potential of being a financial stability problem, so solving issa high priority for us and for financial regulators. there are costs to doing so but trivial in comparison of failure to be ready for the change should it be necessary. >> what type of cost do you project for businesses as a result of impact of this change? >> we're seeking a lot of input from businesses. they'll be subject to this. cost of failure to act would be potentially quite high. >> yes, sir. since repo rates go the opposite direction to libor during market stress, do you anticipate any systemic risk from shifting. >> i didn't catch the last part. >> do you suspect systemic risk in the banking sector shifting? >> i do. i think systemic risk would be decreased moving to so

relative -- >> well, i would say -- let me say that the situation with libor is such that the financial conduct authorityn london said they would not compel banks to submit submissions to the libor panel after the end of four years and at that time the fca can no longer guaranty the continuation of libor, now if libor were to stop being published then, there are 300-plus trillion dollars worth of libor contracts in the world and that has all the potential of being significant stability problem, so solving it is a very high priority for us and financial regulators around the world. there will be costs to doing so but they would be trivial in comparison to failure to be ready for this change should it be necessary. >> what type of borrowing cost do you project for businesses as a result of the impact of this change? >> we are seeking input from businesses, they would be subject to this at the moment but honestly, though, the cost of failure to act would be potentially quite high. >> yes, sir. since rates go out direction to libor during market stress, do you anticipate rates to shifting -- i'm sorry, i did

>> well, i would say, let me say that had the situation with libor is such that the financial conduct authority in ln doondony will no longer have banks submit to the panel after the end of four years. and at that time the fca can no longer guarantee the continuation of libor. now, if libor was to stop being published then, there are $300 plus trillion dollars of libor in the world, so solving it is very high priority for us and other financial advisers around the world. there would be costs but they would be trivial in comparison to the failure to be ready for this change should it be necessary. >> what type of barring costs do you project for businesses as a result of the impact of this change? >> so, we are actually seeking a lot of input from business that is will be subject to this at the moment. but honestly, though, the cost of failure to act would be potentially quite high. >> yes, sir. since repo rates go the opposite direction to libor during market stress, refi, do you see any systemic? >> i didn't catch the last part. >> do you expect any systemic risks in the banking suffer in shif

sometimes because provident financial have just been slapped with a huge fine from the financial conduct authorityecovered as much as it should‘ve done. the senior a nalyst as it should‘ve done. the senior analyst at hargreaves layjoins me now. save the chart geek! it hasn‘t gone to levels pre—investigation. that is right. there's lots of things had been going on with provident financial. some of it is subsidiaries and there's also been problems in terms of the business itself. it moved across from a syste m itself. it moved across from a system where it had lots of self—employed agents out on the road doing medal stock lending and they changed it across to an employee, a full employment model and that went quite badly wrong and led to a problem last year. the key takeaway from today as there was a lot of bad news but it wasn't anywhere near as bad as the city was expecting and thatis bad as the city was expecting and that is why you have seen the share price rise so much. another big prize is sky shares because of this bid from comcast. is that all so to do with the anticipating another offer fro

bitcoin website we have never conducted this much outreach for any other financial product and another element is regulatory coordination because no one agency has direct authority we have to work together that includes us ec, the fed the irs and state banking officials. to exercise our legal authority with derivatives while clarifying the statutory limitations and to be clear the cftc does not regulate the dozens of virtual platforms here and abroad we cannot require them to meet those requirements with market surveillance standards for conduct, capital requirements or cyberprotections with these are all standard regulations in the futures markets that we oversee but through that commodity derivative markets we do have enforcement power with newly launched futures the cftc can now obtain trading data to analyze that manipulation and that leads to the final element of tough enforcement. led by the virtual currency task force we brought several civil actions over the past few weeks to cry -- crackdown and more will follow. enclosing pro one -- looking at something we wrote recently in the wall street journal the markets are new and evolving international that req

conducted this much outreach for any other financial product. another element is regulatory coordination because no one agency has direct authority over virtual currencies. we have to work together. that includes us, the sec, the fed, the irs, the treasury's fins annette work and even state banking officials and the next element is to exercise our legal authority over derivatives on virtual currencies while clarifying our statutory limitations. to be clear, the cftc does not regulate the dozens of virtual currency trading platforms here and abroad. we cannot require them to meet requirements like trade reporting and market surveillance, standards for conduct, capital requirements or even cyber protections or platform safeguards. that if these are all standard regulations in the futures markets we oversee, yet through our authority over commodity-derivative markets we do have enforcement power over spot coin marks and with newly launched bitcoin futures, the cftc can now obtain trading data and analyze it for fraud and manipulation in five underlying spot markets and that leads to the final element and that is tough enforcement. led by the cftc's enforce

conducted this must outreach for any other financial product. another element as regulatory is regulatory coronation. because no one agency is direct authority. we have to work together. that includes us the sec the fed the irs the treasury network and even state banking officials. and the next element is to exercise the legal authority like trade reporting and market surveillance. the capital requirements and even a cyber protections or platform safeguards if these are all standard regulations in the futures market we oversee. through our authority over commodity driven markets we do have enforcement power over spot point markets. and with newly launched bit coin to futures you can now obtain data for that manipulation and five underlying spot markets. and that leads to the final element and the is tough enforcement. led by the virtual currency we had launched several civil actions over the last few weeks cracking down on fraudsters in manipulators in more will follow. i want to quote something that they said in the wall street journal. they require us to be nimble and forward-looking and cord needed with state, and federal colleagues. with

conducted this much outreach for any other financial product. another element is regulatory coordination. we have to work together. sec, andudes us, the even state banking officials. the next element is to exercise our legal authority while qualifier statutory limitations. clear, we do not regulate the trading platforms here and abroad. we cannot require them to meet requirements like trade reporting and surveillance. standard regulations in the futures markets we oversee, yet through our authority over commodity derivative markets, we do have enforcement power over spot coin markets. it it coinlaunched futures, weitcoin regulate. and that leads to tough enforcement. we have launched several civil actions of the past two weeks cracking down on fraudsters and manipulators and more will follow. in closing, i want to quote something chairman clay and i wrote recently. these markets are new, evolving, and international. they require us to be nimble and forward-looking. i'm glad to be with you today and i hope my information is useful. first i will say, i have had those conversations with my own children and you're right. this is an incredibly interesting and growing, new ,rea of financial challenge particularly among m

conduct has been launched to tackle inappropriate behaviour. councils across england are planning council tax increases in april, with more than three quarters of local authorities concerned about financialhose workers are poorly paid, according to the public finance watchdog. and officialfigures show and official figures show january was one of the worst months for accident and emergency admissions in england. time for a sports update. the winter olympics are under way — before we've even had the opening ceremony. and the news from today is that the skeleton champion of four years ago — lizzie yarnold — will be the teamgb flag—bearer tomorrow. she says the opening ceremony marks the start of "the biggest two weeks" of her life. the start of "the biggest our sports correspondent andy swiss has more from pyeongchang... lizzie said she was hugely honoured to carry the flag, chosen by her team—mates. she has struggled before, but signs in recent weeks she's back to something like best and she says she's hopeful she can still retain her olympic title. but such good news for another briton's medal hopes. snowboarder katie ormerod. she had an accident in training yesterday. she fell off the ra