Supermarket Wars: Price Falls Hit New Record

The intense price war between supermarket chains means grocery costs are falling at a record pace, according to industry figures.

The latest data from Kantar Worldpanel, for the 12 weeks to 1 March, showed annual price falls reached a new low of -1.6% in the period.

Its report cited a combination of lower general inflation and price battles, and calculated that shoppers had saved a combined £400m over the 12 weeks.

Inflation has fallen largely as a result of weaker oil costs, although the battle for market share among top supermarkets has also contributed.

The Kantar statistics provided further cheer for Britain's biggest supermarket chain as it moves to improve its offering to shoppers and image in the wake of its accounting scandal.

They showed Tesco recorded its strongest sales performance in 18 months, rising 1.1% during the 12-week period as chief executive Dave Lewis's turnaround plan continued to make an impact.

Dairy products are among the items being slashed in price

Its 'big four' rivals, Asda, Sainsbury's and Morrisons, recorded sales falls of 2.1%, 0.5% and 0.4% respectively as they continue to battle for business amid the challenge from discounters Aldi and Lidl, and Waitrose at the top end.

Fraser McKevitt, head of retail and consumer insight at Kantar Worldpanel, said: "All of the major supermarkets are cutting prices to win shoppers, especially within everyday staples such as eggs, vegetables and milk.

"Retailers are focusing their efforts on simple price cuts rather than complicated 'multibuy' deals.

"Among the big four supermarkets Tesco has been the standout retailer ... increasing sales have helped Tesco arrest its falling market share, which is down just 0.1 percentage point compared with last year.

"This resurgence has impacted Asda which competes for many of the same shoppers as Tesco.

"Asda's sales are down by 2.1%, taking its market share to 17.0%.

"Morrisons and Sainsbury's both grew behind the market average, with sales falling by 0.4% and 0.5% respectively."

Both Morrisons and Waitrose are due to release their annual results on Thursday and are expected to confirm falling profits.

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Prudential Boss Thiam To Join Credit Suisse

Prudential has confirmed chief executive Tidjane Thiam is to leave the company to join Credit Suisse later this year.

It made the announcement hours after Sky News reported that the head of the insurer's US business, Mike Wells, had already been picked to succeed Mr Thiam.

The company chose not to confirm that appointment in its statement.

It said: "Prudential plc today announces that Tidjane Thiam, group chief executive, has informed the Board of his intention to step down this year from his role as CEO and from the Board.

"Mr Thiam has agreed to join Credit Suisse as CEO".

At the same time, the Swiss-based financial services group confirmed its chief executive Brady Dougan was to go.

Prudential made its announcement just before it updated the City on its financial performance during 2014.

Operating profit rose 8% to £3.2bn though the strong pound diluted the figure by £167m.

The change of chief executive at the Pru will surprise the City, which has enthused over Mr Thiam's leadership of the business since its recovery from one of the most disastrous takeover attempts in recent British corporate history.

In 2010, the Pru attempted to buy AIA, a major Asian insurer, in a deal worth $35bn, but the deal was thwarted by objections from shareholders and regulators.

The defeat left Mr Thiam dismayed, and his sense of injustice was compounded when the then Financial Services Authority fined the company and censured him for failing to keep it properly informed about the AIA plans.

Since the aborted move for AIA, which triggered the departure of the Pru's chairman, Harvey McGrath, the company has rebuilt relations with shareholders and seen its value soar 186% during Mr Thiam's tenure amid strong performances across its business.

Mr Wells' appointment, if ratified by the Prudential Regulation Authority (PRA), will put him at the helm of a vast group with operations in the UK, US and Asia.

He would be the first American to run arguably the best-known of the major UK insurers, with a market capitalisation of almost £43bn.

Mr Wells would take over at a crucial time, with a new European regulatory framework and a rulebook imposed by the PRA to strengthen accountability among senior managers in the insurance sector.

Mr Wells is already a member of Prudential's board, which makes a decision by the PRA to reject his appointment as the group chief executive unlikely in the extreme.

He has held senior roles, lately as president and CEO of Jackson National Life Insurance, for 15 years.

Last year, Mr Wells was paid a total package of £11.7m, significantly more than that awarded to Mr Thiam.

The Pru's chairman, Paul Manduca, considered external candidates to replace Mr Thiam and other internal contenders are likely to have included Jackie Hunt, who runs the Pru in the UK and Europe, and Nic Nicandrou, the finance director.

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'Totally Incompetent' BBC Chair Told To Resign

The head of the BBC Trust has been told by a senior MP she is "totally incompetent" and should resign.

Margaret Hodge, chair of the Commons Public Accounts Committee, gave Rona Fairhead a dressing down during a hearing over failings at HSBC bank where she had oversight of the bank's audit committee.

It followed revelations the bank had allowed tax avoidance and evasion to go on while she was in that role at the bank, and which she only moved from in 2010.

Ms Hodge said: "I'm going to say something as a licence fee payer.

"I think you knew (there was) tax evasion, or you didn't know and I think in that case you are either incredibly naive or totally incompetent and I don't think that the record that you've shown, or your performance here as a guardian of HSBC, gives me the confidence that you should be the guardian of the BBC licence fee payers.

Video: Protest At MPs' Hearing Into HSBC

"I really do think you should consider your position and you should think about resigning and if not, I think the Government should sack you."

Ms Fairhead said she totally refuted the accusation.

She said: "In the period when I was chair of the committees I was in a non-executive position of oversight ... at that time I think it is reasonable for a non executive director to rely on the policies, the management structures in place, to rely on independent experts that had been commissioned because of their expertise to highlight issues.

"That was absolutely what we insisted on. You can ask anybody in the bank, we were unyielding if we discovered or thought or suspected of any wrongdoing. So I absolutely refute what you said."

Ms Fairhead had been grilled by the committee for nearly two hours over her role at the bank during the period when the alleged tax evasion went on.

She was repeatedly asked how it was her committee had not picked up the tax evasion, when its role was to make sure the bank was adhering to the rules and regulations of the banking industry.

She revealed that she is paid £334,000 a year by HSBC for between 75 and 100 days of work a year, carries out around 150 to 180 days of work a year for the BBC Trust and around 25 days work a year for Pepsi.

Also facing questions were current HSBC CEO Stuart Gulliver and former CEO Chris Meares who were both attacked over their roles.

Last month, a number of stolen files were made public in a French newspaper which claimed that HSBC's Swiss private banking arm helped clients in more than 200 countries evade taxes on accounts containing £77bn ($119bn).

The alleged evasion was said to have taken place at HSBC's private bank in Switzerland in the mid-2000s.

HSBC chairman Douglas Flint previously told Parliament's Treasury Select Committee that the executives at the time bear "fairly direct responsibility for what went on in the private bank during their stewardship".

Mr Meares told the Public Accounts Committee: "I was not personally accountable for the actions of individuals in Switzerland but I absolutely share responsibility for the events, if any of these reported practices went on, for what happened on my watch."

When Ms Hodge asked Rona Fairhead if she knew what was going on, the BBC Trust chairwoman said: "No I did not.

"Was any evidence brought to the committee of the practices that we are talking about now, the answer is absolutely no."

The BBC Trust has defended Ms Fairhead, saying in a statement: "Rona Fairhead is committed to her role as Chairman of the BBC Trust, representing the interests of licence fee payers. As she has said before, the BBC is her main priority."

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HSBC Tax Scandal: Argentina Wants $3.5bn

Argentina has stepped up its tax evasion row with HSBC by demanding it repatriates $3.5bn (£2.32bn) of cash allegedly moved to its Swiss private bank.

The country's tax authorities issued the request weeks after the Central Bank of Argentina temporarily suspended HSBC Bank Argentina's operations of transferring money and assets abroad for a period of 30 days.

That action followed Argentina's decision last year to charge HSBC with aiding more than 4,000 clients to evade taxes by shifting assets offshore.

HSBC Argentina denied the claim - insisting it respected Argentine law.

A statement released by the bank said: "HSBC has been cooperating fully with Argentine regulators, including AFIP (the tax authority) and the judiciary, since allegations were first made public last year, and we will continue to do so."

Video: Sorrell: HSBC To Weather Tax Storm

At a news conference in London, the country's top tax official Ricardo Echegaray said Argentina was prepared to take criminal action on the allegations, which date back as afar as 2006.

He also confirmed officials had been approached for information by British authorities, which have been accused of largely failing to act on evidence of evasion,  with just a single individual prosecuted by HM Revenue & Customs.

The cash repatriation demand was issued as the bank's group chief executive Stuart Gulliver, the former head of its private banking division Chris Meares and current non-executive director Rona Fairhead prepared to give evidence to MPs.

Video: HSBC Boss 'Sorry' For Tax Scandal

The Public Accounts Committee is expected to press for answers on accountability while Mrs Fairhead, who also chairs the BBC Trust, is likely to face questions on her previous roles at HSBC.

While Mr Gulliver has already apologised for past practices at the Swiss arm, he and chairman Douglas Flint told the Treasury Select Committee last month they had completed a series of reforms to help restore trust and confidence.

Video: HSBC Whistleblower Speaks Out

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Greece Told 'Stop Wasting Time' In Bailout Talks

Greece has been urged by European finance ministers to "stop wasting time" in talks over extending its crucial bailout programme and told the "clock is ticking".

Athens got a lifeline in February when ministers agreed a four-month extension to the current EU-IMF bailout in exchange for reforms.

But the next payout of seven billion euros (£5bn) due at the end of April is dependent on a review of their reform plans, meaning Athens is rapidly running out of time.

Greek finance minister Yaris Varoufakis has been presenting the latest proposals at a meeting with its eurozone partners in Brussels.

Greece has warned of a possible referendum if its plans were rejected, while a Greek government source said the country was ready to submit more measures to its list of reforms.

The new radical left government, which is facing a cash squeeze, is trying to persuade its international creditors to agree on an alternative plan by April.

Greek finance minister Yanis Varoufakis (L) talks to Jeroen Dijsselbloem

Athens has been warned by the Eurogroup of finance ministers that it had to make concrete progress if it wants financial aid to be further extended through the summer.

Measures so far include plans to streamline bureaucracy, raise revenue from online gambling and a suggestion to hire amateur tax sleuths - including tourists - to help clamp down on tax dodgers.

Video: Greece Clashes: Syriza Backlash

A government official said Athens was prepared to submit additional proposals to combat tax evasion, including retrospective tax audits.

Jeroen Dijsselbloem, head of the Eurogroup, said: "We have lost over two weeks in which very little progress has been made - we have to stop wasting time and start talks seriously."

Mr Dijsselbloem, who is also the Dutch finance minister, added: "The extension (of the Greek bailout) is only for four months and the clock is ticking."

Video: Does Germany Trust Greece?

Greek Prime Minister Alexis Tsipras vowed during January's election to renegotiate Greece's debts and end austerity measures imposed under two bailouts worth 240 billion euros since 2010, although Athens has since backed down on several points.

Video: Greece: Everything You Need To Know

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Apple's Smartwatch To Go On Sale Next Month

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The Apple Watch will go on sale in the UK on 24 April

Apple CEO Tim Cook has claimed the company's new smartwatch is the "most advanced timepiece ever created", as he revealed more details about the technology giant's latest device.

It will go on sale in the US, Britain and China on 24 April, with preorders taken from 10 April.

The main Apple Watch will start at £479 and go up to £519.

The Sport incarnation of the device will start at £299 for the 38mm face, and the 42mm version is £339.

The high end model, a limited edition 18 carat gold watch, will set you back at least £8,000 with prices rising to £13,500 - a revelation that drew gasps from the crowd that gathered for the announcement.

Mr Cook said the watch will last for 18 hours on a typical day

Reaction to the device has been mixed so far, according to Sky's Technology Correspondent Tom Cheshire.

Mr Cook said: "The Apple Watch is the most personal device we have ever created. It is not just with you, it is on you.

1/9

1. Gallery: A Look At The New Apple Watch

   The new device will carry a host of features which Apple hopes will make the watch a winner

Users will be able to make calls, read email, control music, manage Instagram photos, keep up with their workouts, pay for groceries - and even open a hotel room door

]]>

The watch will tell you if you've been sat down too long, sending a reminder that it's time to move. A new workout app will offer weekly summaries and goal suggestions

]]>

Prices start at $349 for a basic model - but a luxury gold one will set you back $10,000

]]>

Every watch will have different faces and different configurations to choose from, including traditional and digital faces, or one featuring Mickey Mouse.

]]>

"And since what you wear is an expression of who you are, we designed Apple Watch to appeal to a whole variety of people with different tastes and different preferences.

"But the one thing that is consistent is we crafted each one of them with the care you would expect from Apple and used incredibly beautiful materials."

Industry watchers are keen to see if Apple's version will be the tipping point for the smartwatch market, which has proved sluggish so far.

There was similar scepticism when Apple launched the iPad in 2010, but the company has gone on to sell millions of the tablets and its popularity has shaken up the PC market.

The Apple Watch will be the first new device the company has launched without co-founder Steve Jobs, who died in 2011.

Every watch will have different faces and different configurations to choose from, including traditional and digital faces.

1/11

1. Gallery: Apple Watch: What It's Up Against

   The Samsung Gear is one of the rivals to the Apple Watch. Features include a camera and a super AMOLED screen, and you can also use it to control your TV

The Samsung Gear can hook up to 17 phones and tablets and there are more than 200 third-party apps available. Basic models start from around £160

]]>

Mr Cook told those gathered in San Francisco, California, that you can add the date of your next meeting or check your heart rate.

Users will also be able to receive calls with a built-in speaker and microphone.

A technology called Digital Touch will allow Apple Watches to connect to one another, meaning you can get a friend's attention by tapping on your watch.

The Apple Watch, which Mr Cook said will last for 18 hours on a typical day, tracks your daily movements and reminds users if they have been sitting down for too long.

People will be able to view photos, control music and receive notifications that they currently get on an iPhone - such as news alerts and social media updates.

Despite the high price for some of the models, many industry experts are predicting the Apple Watch will be a success.

1/24

1. Gallery: A Legacy: Apple Products Timeline

   The Apple II was the first computer that Apple made in large numbers. It was released in 1977

The Macintosh was released in 1984 and was the first mass-produced personal computer to feature a mouse

]]>

Tom Parsons, reviews editor at gadget magazine Stuff, said: "The price is really high, but that's not going to put gadget fans off stumping up the cash for an Apple Watch."

Ernest Doku, technology expert at comparison site uSwitch.com, said: "Apple claims this is the most advanced timepiece ever created, but some of the features seem like the tech giant was scraping the barrel for unnecessary unique selling points.

"Digital Touch is essentially a personalised emoticons app with slightly classier graphics, for example.

"But gimmicks aside, this really is a elegant and luxurious gadget, while also being extremely useful for health and fitness fans, who it's heavily targeted at."

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We use cookies to give you the best experience. If you do nothing we'll assume that it's ok.

The Apple Watch will go on sale in the UK on 24 April

Apple CEO Tim Cook has claimed the company's new smartwatch is the "most advanced timepiece ever created", as he revealed more details about the technology giant's latest device.

It will go on sale in the US, Britain and China on 24 April, with preorders taken from 10 April.

The main Apple Watch will start at £479 and go up to £519.

The Sport incarnation of the device will start at £299 for the 38mm face, and the 42mm version is £339.

The high end model, a limited edition 18 carat gold watch, will set you back at least £8,000 with prices rising to £13,500 - a revelation that drew gasps from the crowd that gathered for the announcement.

Mr Cook said the watch will last for 18 hours on a typical day

Reaction to the device has been mixed so far, according to Sky's Technology Correspondent Tom Cheshire.

Mr Cook said: "The Apple Watch is the most personal device we have ever created. It is not just with you, it is on you.

1/9

1. Gallery: A Look At The New Apple Watch

   The new device will carry a host of features which Apple hopes will make the watch a winner

Users will be able to make calls, read email, control music, manage Instagram photos, keep up with their workouts, pay for groceries - and even open a hotel room door

]]>

The watch will tell you if you've been sat down too long, sending a reminder that it's time to move. A new workout app will offer weekly summaries and goal suggestions

]]>

Prices start at $349 for a basic model - but a luxury gold one will set you back $10,000

]]>

Every watch will have different faces and different configurations to choose from, including traditional and digital faces, or one featuring Mickey Mouse.

]]>

"And since what you wear is an expression of who you are, we designed Apple Watch to appeal to a whole variety of people with different tastes and different preferences.

"But the one thing that is consistent is we crafted each one of them with the care you would expect from Apple and used incredibly beautiful materials."

Industry watchers are keen to see if Apple's version will be the tipping point for the smartwatch market, which has proved sluggish so far.

There was similar scepticism when Apple launched the iPad in 2010, but the company has gone on to sell millions of the tablets and its popularity has shaken up the PC market.

The Apple Watch will be the first new device the company has launched without co-founder Steve Jobs, who died in 2011.

Every watch will have different faces and different configurations to choose from, including traditional and digital faces.

1/11

1. Gallery: Apple Watch: What It's Up Against

   The Samsung Gear is one of the rivals to the Apple Watch. Features include a camera and a super AMOLED screen, and you can also use it to control your TV

The Samsung Gear can hook up to 17 phones and tablets and there are more than 200 third-party apps available. Basic models start from around £160

]]>

Mr Cook told those gathered in San Francisco, California, that you can add the date of your next meeting or check your heart rate.

Users will also be able to receive calls with a built-in speaker and microphone.

A technology called Digital Touch will allow Apple Watches to connect to one another, meaning you can get a friend's attention by tapping on your watch.

The Apple Watch, which Mr Cook said will last for 18 hours on a typical day, tracks your daily movements and reminds users if they have been sitting down for too long.

People will be able to view photos, control music and receive notifications that they currently get on an iPhone - such as news alerts and social media updates.

Despite the high price for some of the models, many industry experts are predicting the Apple Watch will be a success.

1/24

1. Gallery: A Legacy: Apple Products Timeline

   The Apple II was the first computer that Apple made in large numbers. It was released in 1977

The Macintosh was released in 1984 and was the first mass-produced personal computer to feature a mouse

]]>

Tom Parsons, reviews editor at gadget magazine Stuff, said: "The price is really high, but that's not going to put gadget fans off stumping up the cash for an Apple Watch."

Ernest Doku, technology expert at comparison site uSwitch.com, said: "Apple claims this is the most advanced timepiece ever created, but some of the features seem like the tech giant was scraping the barrel for unnecessary unique selling points.

"Digital Touch is essentially a personalised emoticons app with slightly classier graphics, for example.

"But gimmicks aside, this really is a elegant and luxurious gadget, while also being extremely useful for health and fitness fans, who it's heavily targeted at."

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5. Becky Watts' Phone And Computers Recovered

00.25 | 0 komentar | Read More

US Broker Swoops For Charles Stanley Division

By Mark Kleinman, City Editor

One of the London Stock Exchange's oldest companies is close to offloading its securities arm in a move that will underline growing pressures on an industry increasingly squeezed by regulatory reform.

Sky News has learnt that Charles Stanley is in advanced talks with an American buyer of its corporate finance business, which employs approximately 35 people in areas such as equity research.

People close to the situation said that the likeliest buyer of Charles Stanley Securities was Stifel Financial, a US-based company which already has a presence in the City through its ownership of broking businesses such as KBW and Oriel Securities.

Cantor Fitzgerald was also said to be a possible bidder, while Panmure Gordon is said to have made an offer for the business in recent days.

The value of the deal is unclear, although sources said it was likely to be worth several million pounds.

One insider said an agreement could be announced as early as Tuesday.

Charles Stanley's securities business has struggled amid intense competition among small and mid-cap brokers, while other broader asset management groups, such as Brewin Dolphin, have also disposed of their corporate finance divisions.

In January, Charles Stanley Group, which is one of the London Stock Exchange's oldest listed companies, updated the City on its performance, saying: "All divisions are ahead of their prior year comparative with the exception of Charles Stanley Securities which has experienced a lower level of corporate finance activity during the current year."

In December, Charles Stanley Group appointed Paul Abberley, a former head of Aviva Investors, as its chief executive, followed weeks later by the arrival of Ben Money-Coutts as interim chief financial officer.

"Following these appointments the board is conducting a review of its operations," the company said.

Mr Abberley replaced Sir David Howard, who stepped down to comply with European Union regulations which require the separation of the roles of chief executive and chairman.

The group offers wealth management and private client services, and employs more than 450 people in 31 offices around the UK.

Charles Stanley declined to comment on the sale of its securities unit, while Stifel could not be reached for comment.

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Pound Soars Amid Latest 'Greek Drama'

Fresh uncertainty over Greece has prompted a warning from the Chancellor and helped push the pound to a seven-year high of €1.40.

Sterling is now at levels not seen since the autumn of 2007, meaning Britons travelling abroad will get more for their money - around €1.38 at tourist exchange rates.

But Chancellor George Osborne remains focussed on resolving the deadlock over Greece, tweeting: "Just had bilateral meeting with Greek finance minister, urging them and eurozone to find solution.

"Unfortunately this Greek drama isn't over," he wrote.

Greek finance minister Yanis Varoufakis was told by his fellow eurozone finance ministers on Monday that time was running out and he must urgently put forward concrete proposals if the country wants to secure rescue funds agreed under its bailout extension.

Athens got a lifeline last month when ministers agreed a four-month deal on extending its current EU-IMF bailout, subject to the reforms being agreed.

The next payout of €7bn (£5bn) is due at the end of April.

Greece may have to leave the currency union if no reform programme can be ratified.

Mr Varoufakis has faced ridicule in Brussels and back home for some of his proposals, including the use of tourists to spot tax cheats.

His tough negotiating style has also irritated creditors, who have signalled their patience is wearing thin.

Greece has warned of a possible referendum if its plans are rejected.

The new radical left-wing government has pledged to streamline bureaucracy and tackle smuggling but its blueprint has been slammed as lacking detail, and especially figures.

Jeroen Dijsselbloem, head of the Eurogroup, said on Monday: "We have lost over two weeks in which very little progress has been made - we have to stop wasting time and start talks seriously."

Mr Dijsselbloem, who is also the Dutch finance minister, added: "The extension (of the Greek bailout) is only for four months and the clock is ticking."

The deadlock, combined with the effects of the eurozone's new QE programme, pushed the euro on Tuesday to levels not seen for years.

The FTSE 100 suffered however, having fallen more than 1.5% by Tuesday lunchtime.

It was pegged back by Prudential after the insurer said its chief executive was leaving for Credit Suisse.

A fall in energy stocks on weaker oil prices also weighed on the market.

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Virgin Atlantic Posts First Profit Since 2011

Sir Richard Branson has applauded staff at Virgin Atlantic after the airline posted its first annual profit since 2011.

The airline made £14.4m in 2014 following a pre-tax loss of £54m the previous year.

It credited strategic changes along with operational and cost efficiencies for achieving a target set in February 2013 to return to profitability within two years.

Sir Richard, who founded the airline and remains its president, said: "I can't think of a better way to complete our 30th birthday year than with a return to profit.

"The team at Virgin Atlantic has done a great job in turning around the airline and has the right strategy to take the business from strength to strength.

"Keeping our customers and our people at the heart of everything we do gives me great confidence in our future and I look forward to the next 30 years."

Chief executive Craig Kreeger said the results marked the conclusion of the recovery period, putting "firm foundations in place for the future".

Virgin group revenue was £2.9bn in 2014, with Virgin Holidays recording a profit for the year before tax and exceptional items of £5.7m, up £3m year on year.

It also marked a rise in passenger satisfaction scores despite more than 14% of its aircraft running behind schedule.

The carrier has begun a fleet regeneration programme towards more fuel-efficient aircraft and said its joint venture partnership with Delta, which began in January last year, helped it achieve 4.5 million ticket sales for joint venture services in 2014.

Among new routes to be launched this summer will be services between Manchester and Atlanta and London Heathrow and Detroit.

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Ousted FCA Chief McMillan Joins Payday Lender

By Mark Kleinman, City Editor

An executive at the City watchdog who left in the wake of a damning report about its handling of price-sensitive information has taken a top role at one of the world's biggest payday lenders.

Sky News can reveal that Zitah McMillan, who stepped down as the Financial Conduct Authority's (FCA) communications and international director in December, has joined DFC Global Corp, whose array of financial services operations include The Money Shop, a prominent UK lender.

The emergence of her appointment as DFC Global's international chief executive, which was announced internally to staff last month but not otherwise made public, comes on the same day that the FCA issued a further rebuke to the payday lending industry.

The regulator said that "too many firms have been failing to meet the requirements to treat customers in arrears fairly" and exposed "unacceptable practices from many lenders, including failures to recognise customers in financial difficulty, failure to direct people to free debt advice and firms offering inflexible repayment options".

A former civil servant at the Department for Work and Pensions, Ms McMillan's role excludes DFC Global's operations in the UK, US and Canada, according to the company, encompassing its activities in markets including Finland, Poland and Spain.

It is unclear whether the former FCA executive would have had to serve a period of purdah prior to taking up her new position, although it is unlikely given that her new remit does not include the UK.

Nonetheless, there is likely to be some unease that such a senior executive from the City watchdog has taken up a prominent role in an industry which has been the subject of sustained criticism and sanctions in recent years.

Last July, the FCA agreed with Dollar Financial UK - DFC Global's corporate entity in the UK - that it should refund a total of £700,000 to customers after it was found to have been approving loans for sums which the company's lending criteria would not normally allow

Dollar operates in the UK under brands including Payday UK, Payday Express, The Money Shop and Ladder Loans.

Dollar is the UK's second largest payday lender and the FCA said last summer that it had around a 24% share of the payday market.

However, in January it emerged that the company was examining plans to close as many as 40% of its 500 jobs as it attempted to adjust to new clampdowns on lending charges.

Wonga, Dollar Financial UK's larger rival, has also announced restructuring plans in recent weeks, with hundreds of UK jobs at risk.

Ms McMillan's departure from the FCA was ostensibly part of a restructuring which the regulator insisted was unconnected to an independent report which criticised its handling of information relating to a review of parts of the pensions market.

Simon Davis, a senior City lawyer, said the FCA's approach to disclosing the information had been "high risk, poorly supervised and inadequately controlled.

"When it went wrong, the FCA's reaction was seriously inadequate and fell short of the standards expected of those it regulates."

Clive Adamson, the FCA's director of supervision, also left the regulator and is poised to take on a board role at Prudential's UK subsidiary, City AM reported this week. 

Ms McMillan and Mr Adamson were among four FCA executives who forfeited their bonuses for last year as a consequence of the debacle.

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