BUSINESS LIVE: Stagecoach profits grow; TUI revenue rebounds; SSE rocked by hedge fund broadside
Hedge fund Elliott Management has launched a blistering attack on SSE and called for sweeping changes at the renewable energy giant.
The New York-based activist, run by feared financier Paul Singer, demanded the company appoint two new board directors and reconsider splitting the firm in two.
Firms will be forced to treat customers fairly in a major crackdown on shoddy service by the City regulator.
The Financial Conduct Authority wants companies to put customers first – and those who fail to could face huge fines.
Treasury minister John Glen has promised to examine the laws governing mutuals as the future of LV hangs in the balance.
Facing a grilling from Labour MP Gareth Thomas in Parliament, Glen said that he was ‘willing to engage’ on ‘further changes and reforms’ to help protect member-owned businesses.
>If you are using our app or a third-party site click here to read Business Live
Paul Singer’s Elliott Management has launched a blistering attack on SSE, calling for sweeping changes