The Financial Times this morning reports that several employees at the $1 trillion asset manager have told the Financial Conduct Authority of failings in compliance and risk which may have cost clients millions. Under cover of anonymity one said, ‘’I feel obligated to report these issues now because I feel the risk culture of LGIM has become so toxic that it is reaching a crisis level’’, and starts with senior management in the active management arm.
Data today from the UK’s Society of Motor Manufacturers saw vehicle output plunge by 47 per cent in June, while exports rose 6 per cent, though many believe this is a seasonal issue. Year-to-date total both local and export sales are down. Chief executive Mike Hawes also warned that carmakers are not ready for Brexit which is a problem for this exports-led industry.
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