Wednesday newspaper round-up: Debt, tax havens, FCA, cyberattack
People struggling with serious debt are to benefit from a new two-month “breathing space” during which they cannot be hassled by debt collectors and bailiffs, the government has said. During the 60-day period, those eligible will be protected from enforcement action from creditors, and will also see their interest, fees and charges frozen. – Guardian
Jersey, Guernsey and the Isle of Man have announced they will voluntarily adopt public registers of the true owners of offshore companies incorporated in their jurisdictions. In a joint statement, the three islands said they would introduce fully public registers by 2023. Campaigners welcomed the announcement as a victory for transparency and an “important first step” in the fight against tax evasion and money laundering, though they said key details needed clarifying. – Guardian
Brussels is increasingly likely to cut off Swiss stock exchanges from the EU's single market to send a “warning shot” to Bern but also to Brexit Britain. Internal documents revealed that the European Commission is prepared to take a hard line with Switzerland to send a “crystal-clear” message to Britain that the EU is not prepared to compromise on its single market rules. - Telegraph
SCM Direct, the firm owned by Gina Miller and her husband Alan, has called for a “root and branch” review of the Financial Conduct Authority (FCA) in the wake of the Woodford fund scandal. SCM has told the financial regulator that funds with daily or weekly trading should be banned from investing in unquoted investments such as private equity or unlisted shares, physical property or listed shares that are “rarely traded”. – Telegraph
Global investors are more rattled and risk-averse than at any time since the financial crisis, according to the latest barometer of fund manager sentiment. The world’s big institutional shareholders have been dumping equities and retreating to lower-risk bonds and cash in expectation of a downturn. – The Times
Britain will face a cyberattack from a hostile state soon that could bring down the financial system, a Bank of England policymaker has warned. Anil Kashyap, an external member of the financial policy committee, told MPs that it was only “a matter of time before one of these things happens on a big scale”. He said that the Bank was vulnerable despite preparing its defences. – The Times