PRESS DIGEST- British Business - March 31

Reuters

March 31 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

The Telegraph

INSURERS URGE OSBORNE TO REBUKE HEAD OF REGULATOR

(http://link.reuters.com/qyr97v)

The Chancellor is under pressure to carpet Martin Wheatley, the boss of the Financial Conduct Authority as it launches a review today of 30 million insurance policies and their potential "unfairness".

INVESTOR GIANT WARNS BANKS ON PAY ARRANGEMENTS AHEAD OF EU BONUS CAP

(http://link.reuters.com/ryr97v)

The Association of British Insurers is to issue an "amber top" alert ahead of the annual meetings of Britain's biggest banks warning its members to examine closely the new pay arrangements put in place by the lenders.

The Guardian

WONGA CHAIRMAN TO STEP DOWN AS FCA PREPARES TO REIN IN PAYDAY LENDERS

(http://link.reuters.com/kyr97v)

The multi-millionaire figurehead of the controversial payday lending industry is to stand down from his job as chairman of Wonga as a new City regulator prepares to impose tougher rules.

NETWORK RAIL FAILS TO MEET PUNCTUALITY TARGETS AND FACES A RECORD 70 MLN STG FINE

(http://link.reuters.com/myr97v)

Network Rail has admitted it has failed to meet its punctuality targets, as it braces for a record fine of up to 70 million pounds.

The Times

ROYAL MAIL FACING BACKLASH OVER "LOST £1 BLN" FROM SELL-OFF

(http://link.reuters.com/hyr97v)

The National Audit Office will publish this week its findings on last autumn's £3.3 billion sell-off by the Government. Ministers, investment bankers and senior civil servants are bracing themselves for government auditors' verdict on the flotation of Royal Mail, which appears to have lost taxpayers in excess of £1 billion.

FEARS RAISED OVER "DEAL" FOR HOUSE OF FRASER

(http://link.reuters.com/jyr97v)

A potential buyout of House of Fraser by a Chinese conglomerate has raised concerns that shareholders are not getting the best of a deal brokered by the company's chairman.

Sky News

UNDER-FIRE FCA SEEKS BUDGET HIKE FROM CITY

(http://link.reuters.com/nyr97v)

The City regulator will set out plans for an inflation-busting increase in its budget this week, just days after sparking fury from insurers over the launch of a probe into some industry practices.

RBS RAIDS SWISS GIANT FOR NEW FINANCE CHIEF

(http://link.reuters.com/pyr97v)

The taxpayer-backed Royal Bank of Scotland is close to luring one of the architects of its 45.5 billion pounds taxpayer bail-out to become its new finance chief. Ewen Stevenson, who works for Credit Suisse, is in advanced negotiations about joining RBS at a critical time for the bank.

(Compiled by Aashika Jain in Bangalore; Editing by Eric Walsh)

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