BUSINESS LIVE: SSE rocked by hedge fund around the world
BUSINESS LIVE: SSE rocked by hedge fund; Financials ordered to put customers first; Treasury promises protection for mutual societies
Hedge fund Elliott Management has launched a blistering attack on SSE, calling for sweeping change at the renewable energy giant.
The New York-based activist, led by feared financier Paul Singer, demanded that the company appoint two new board members and is reconsidering splitting the company in two.
Companies will be forced to treat customers fairly in a major crackdown on poor service by the municipal regulator.
The Financial Conduct Authority wants companies to put customers first – and those who don’t can face hefty fines.
Chancellor of the Exchequer John Glen has promised to investigate the mutual societies laws as the future of LV is at stake.
Faced with criticism from Labor MP Gareth Thomas in parliament, Glen said he was “willing to cooperate” on “further changes and reforms” to help protect member-owned companies.
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Paul Singer’s Elliott Management has launched a blistering attack on SSE, calling for sweeping change