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FCA chair faces calls to quit over whistleblower mishandling

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The chair of the UK’s financial watchdog is facing calls to resign after he failed to follow its own rules on protecting the identity of whistleblowers, adding to pressure on the regulator as it held its annual meeting on Thursday.

Ashley Alder came under fire in August after the Financial Times reported he had forwarded correspondence from two whistleblowers that included their name and details against their will, and despite the Financial Conduct Authority’s whistleblowing policy not to reveal such information.

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Politicians, lawyers and representatives of whistleblowers accused the FCA of hypocrisy after an internal probe into Alder’s handling of the internal complaints this week found he “did not follow the policy to the letter . . . [but] his aim was simply to ensure that appropriate action was taken”.

“When a regulator discloses the identity of a whistleblower, to me that is going to close down whistleblowing across the UK financial service sector,” said Baroness Susan Kramer, the Liberal Democrats’ Treasury spokesperson in the House of Lords. “I think it is a resigning issue.”

Georgina Halford-Hall, chief executive of campaign group WhistleblowersUK, described the investigation into Alder, which was led by FCA senior independent director Richard Lloyd, as “a very disappointing outcome”.

“Alder has to resign over this or who else is going to blow the whistle to the FCA?” she asked, adding: “There have been two cases reported already of FCA whistleblowers being mishandled and we know of several others.”

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Andy Agathangelou, chair of the Transparency Task Force consumer group, said: “He should probably resign over this, but it almost pales into insignificance compared to all the other bad things the FCA has done recently.

“So many people have blown the whistle to the FCA and ended up paying the price for it.”

Speaking before the meeting, Agathangelou said he planned to protest outside the watchdog’s London headquarters during Thursday’s AGM, which is being held online.

The FCA declined to comment on the calls for its chair to resign. On Monday it defended Alder, saying he “reasonably took the view that he was providing information” to colleagues “of which they were already aware, in order to request advice . . . to ensure that these were correctly addressed and progressed”.

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The FCA said the two cases were “highly unusual” as both whistleblowers had pursued complaints “over a number of years . . . via various channels, some of which are in the public domain and which were not limited to possible whistleblowing concerns”.

The first whistleblower was dismissed from the regulator in 2021 for alleged misconduct, and also lost an employment tribunal case against the authority, a decision they are appealing against. The concerns the whistleblower raised over alleged opaque hiring practices that were detailed to Alder had prompted an internal review. The second complainant left the FCA “some years ago”.

The FCA added that their recent allegations raised with Alder “for the most part concerned the way in which their allegations had historically been treated”. It added that its review found Alder acted “in the firm belief that there was no realistic prospect of causing harm to them in any respect”.

The regulator also said it was already reviewing its internal whistleblowing process after they were identified as being “somewhat impractical”. Alder said he took “our responsibilities to whistleblowers very seriously”.

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It is rare for the FCA to take enforcement action for whistleblower breaches. In 2018, it joined forces with the Bank of England’s Prudential Regulation Authority to fine former Barclays chief executive Jes Staley £642,430 for trying to find the identity of an anonymous complainant. 

But critics said the investigation into Alder was the latest example of the FCA failing to observe the standards that it expects of those it regulates, and accused it of deterring people from blowing the whistle on frauds.

Mary Inman, lawyer at US firm Whistleblower Partners, said the FCA’s “failure to discipline its chair . . . is both appalling and hypocritical”. She added that the regulator had itself run a campaign promising to protect individual whistleblowers’ identities.

The FCA received 1,124 new whistleblower reports in the year to the end of March 2024 — up from 1,086 the previous year — with around a third of whistleblowers being anonymous.

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How hot should your food be?

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It started with soup. Two colleagues were eating carrot and coriander. One liked theirs scalding hot. The other lukewarm. Why the difference in preference? And is there an objective optimal temperature for eating soup? I decided to investigate.

Partly the temperature at which food is served and consumed is governed by health and safety. Guidelines stipulate that hot food should be cooked to a core temperature of 75ºC and kept at 63ºC or above to prevent bacteria. But putting that aside, how does temperature affect flavour?

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“Flavour is taste and smell,” says Dr Arielle Johnson, author of Flavorama: A Guide to Unlocking the Art and Science of Flavour (HarperCollins). “Regarding smell, heat makes flavour molecules more volatile. This increases the amount of molecules in the air and therefore aroma, which intensifies flavour. For maximum impact you want to release the aromas as close to eating as possible. That’s why you add lemon juice to a sauce at the end of cooking. Taste and smell reinforce each other, so the lemon in a dish tastes brighter when it also smells of lemon.”

“As for taste,” she continues, “at low and high temperatures, our taste perception is dampened. Warm foods around body temperature have the most taste. One important exception is spiciness: the higher the temperature, the spicier something tastes.”

Taste sensitivity is a factor too: where are you on the scale from super-tasters to hypo-tasters? “If you’re a super-taster, you might prefer very hot or cold food,” says Johnson, as tastes at extreme temperatures are muted. “The sweet spot for a hypo-taster might be warm.”

An illustration of Goldilocks and the Three Bears; mother bear pours porridge into baby bear’s bowl
Too hot, too cold, or just right? © Lebrecht Music

Pastry chefs, mindful of how cold temperatures dull flavour, amp up the sugar in ice cream. By the same principle, Johnson finds fermented fish overwhelming at room temperature but delicious cold: “If there’s a strong food you’d like to enjoy more, eat it cool,” she advises.

Part of the pleasure of piping-hot ramen is how flavour changes as it cools: rich in aroma when hot, burgeoning taste as it cools. Slurping helps cool the broth and push aroma molecules into your nose to bolster flavour.

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Nigella Lawson extols the virtue of tepid (carrying the “memory of heat” as she puts it) for dishes like her nutmeg-scented custard tart. Nik Sharma urges warm for his cherry black-pepper cake because the higher temperature intensifies its spiciness. For most Chinese cooks, piping-hot remains the standard for everything from hot and sour soup to dumplings.

Piping-hot is also a fixation among an older generation who grew up without central heating and get anxious about food poisoning. Meat is requested well done for that reason. Anything pink is practically a death wish. The obsession with eating off hot plates surely springs from the same place. It chimes with a slightly old-fashioned way of dining from a time when chafing dishes were routine. As Johnson explains, heated plates are only necessary for foods that cool off rapidly and turn lacklustre. “Don’t heat your plates for really hot stews because they’re better cooling down,” she says.

Texture also plays a role. “If ramen gets even a bit cold, the broth starts to congeal and become sticky in the mouth. You taste the fat too much,” says Tim Anderson, whose latest book Hokkaido (Quadrille) celebrates a region renowned for its ramen. With ice cream, the opposite happens. As the fat liquifies and becomes silky on your palate, you experience what food scientist Harold McGee calls “the birth of creaminess”. Special mention goes to hot and cold combinations like apple pie and ice cream, where each bite delivers a variety of temperature, aroma and taste.

One key learning from Tom Jackson’s book Cool Pasta: Reinventing the Pasta Salad (Hardie Grant) is how temperature affects the qualities of pasta. The higher the temperature, the more readily it absorbs liquid or oil. Depending on its size and shape, this determines whether you need to rinse the cooked pasta (to drop its temperature and remove excess starch) before dressing it.

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Often, though, personal taste trumps good sense. I like cold pasta despite Jackson’s warnings against it. Cold pizza and cold bolognese offer comparable pleasures, not least in the umami sweetness of chilled cooked tomatoes. There’s also shameless pleasure in eating at the fridge door, when it’s just you and the food and instant gratification.

Of course, the temperature at which we eat food can also be a matter of habit and convenience. Anderson may be a ramen aficionado, but when eating packet ramen at home he prefers his warm rather than scalding so he can hoover it up faster. “I’m hungry and in a hurry,” he says. There’s a lot to be said, too, for his ritual of pairing steaming-hot tomato soup with a grilled cheese sandwich: “I dip the sandwich in the soup and by the time I’ve eaten most of it, the soup is cool enough to slurp,” he says. The second law of thermodynamics put to excellent use. 

@ajesh34

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Thousands to get free cash or vouchers from £421m cost of living scheme to help with bills – how to apply

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Thousands to get free cash or vouchers from £421m cost of living scheme to help with bills - how to apply

THOUSANDS of households across the UK will be able to claim free cash or vouchers to help tackle the soaring cost of living this winter.

From October 1, households will be able to get fresh help from a new pot of government funding under the Household Support Scheme.

The government has released £421 million which will be distributed between councils and then dished out to vulnerable residents over the colder season.

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The pot of cash will be available from October this year until March next year.

This comes as the current scheme closes today, September 30, after the latest round of £421 million was used to help struggling households across the country.

The portion of funding each council gets is based on the size of the population, catchment area, and need.

This time Birmingham will receive the greatest share for instance, worth £12.8million.

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Receiving the second largest share will be Kent, with £11million, and Lancashire will get £9.7million.

Not every council will receive as much funding as this.

The Isle of Scilly will receive the least amount of cash, worth £11,130.

The City of London will also be allocated £63,080, and Rutland £157,371.

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Councils which have higher numbers of vulnerable households will get more cash based on demand.

‘How can you fix it?’ Keir branded DISHONEST and warned ‘the country is broke’ as top team grilled

Tower Hamlets, for example, is the most deprived area in London, and will get £3million.

How the cash gets distributed will be decided by each council, so what you can get will vary depending where you live.

Around £79million is estimated to be provided to the devolved governments in Scotland, Wales and Northern Ireland for them to decide how best to support their citizens.

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What is the Household Support Fund?

The Household Support Fund was introduced in October 2021 by The Department for Work and Pensions (DWP) to support households most in need.

The funding is distributed between councils, and they are then responsible for dishing out the cash on an application basis.

For example, Birmingham City Council have announced they will hand out free £200 cost of living payments to help its residents cope this winter, as one of its approaches to the fresh fund.

How do I apply?

In order to be eligible for help, you usually have to be in receipt of a council tax reduction or show proof of being in financial difficulty.

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Each council has a different application process – so you’ll have to ask your local authority or find out via your council’s website.

Not all councils have decided how they will distribute the cash yet, so you may have to wait to get all the information.

To find out how to contact your local authority, use the gov.uk authority tool checker.

In the last round of funding, some residents received their share automatically, while others had to apply.

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For example, Haringey London Council is issuing automatic payments to eligible residents, as well as a support fund which can be applied to.

It is also issuing payments to schools, which means they can distribute free school vouchers.

In previous years, other authorities have offered cost of living vouchers – such as Coventry City Council.

This has included a Community Supermarket scheme, where all Coventry residents could pay £5 weekly and receive a basket of food worth up to £25.

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Residents of Effingham, near Guildford, have been able to claim up to £300 free cash to help with the cost of living crisis.

Surrey council previously poured £300,000 into food banks, where photo ID and proof of address is required, but no referral needed.

While some schemes, such as the Surrey Crisis Fund, which can offer up to £100 to those immediately in need, are reserved for those who also rely on other means-tested benefits.

What else can we expect from the new government?

The Household Support Fund was introduced by the Conservative government in 2021.

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This year, Secretary of State for Work and Pensions, Liz Kendall MP, said:

“We have invested an extra half a billion pounds in the Household Support Fund to give struggling families and the poorest pensioners the help they need this winter.

“As local authorities across England deliver this lifeline support to help households with the costs of feeding children and heating homes, we are continuing our work to fix the foundations of our country, grow the economy and deliver opportunities for people to get work and get on in work, so everyone feels better off.”

The Labour government is set to announce a new scheme which they have named The Child Poverty Taskforce.

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The information for this will not be published until Spring 2025, however the government have promised to regularly engage with people, communities, and organisations to help shape the strategy.

Household Support Fund explained

Sun Savers Editor Lana Clements explains what you need to know about the Household Support Fund.

If you’re battling to afford energy and water bills, food or other essential items and services, the Household Support Fund can act as a vital lifeline.

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The financial support is a little-known way for struggling families to get extra help with the cost of living.

Every council in England has been given a share of £421million cash by the government to distribute to local low income households.

Each local authority chooses how to pass on the support. Some offer vouchers whereas others give direct cash payments.

In many instances, the value of support is worth hundreds of pounds to individual families.

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Just as the support varies between councils, so does the criteria for qualifying.

Many councils offer the help to households on selected benefits or they may base help on the level of household income.

The key is to get in touch with your local authority to see exactly what support is on offer.

And don’t delay, the scheme has been extended until April 2025 but your council may dish out their share of the Household Support Fund before this date.

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Once the cash is gone, you may find they cannot provide any extra help so it’s crucial you apply as soon as possible.

What other help can I get?

Many energy companies are offering help to those struggling to pay their bills this winter – especially pensioners, as their Winter Fuel Payments are set to be slashed.

This comes as Rachel Reeves announced a £22bn black hole in public spending, making a controversial cut to winter allowances for pensioners not receiving universal credit or any other means-tested benefit.

Follwing the announcement, Octopus Energy has introduced a new scheme, offering pensioners discretionary credit of between £50 and £200.

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As well as this, Scottish Power’s Hardship Fund has handed out more than £60 million to all struggling customers.

Help is available if you receive from a long list of benefit schemes, including Income Related Employment and Support Allowance or Income Based Jobseeker’s allowance. 

You may also be eligible if you are facing circumstances impacting your earnings, such as illness. 

Another company offering help is Utilita – which offers grants to customers to help clear or minimise energy debt.

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The scheme operates through Utilita Giving, which is the company’s charity partner. 

Utilita Giving also partners with other charities such as IncomeMax, which helps customers make sure they are claiming what they are entitled to, and Let’s Talk, which provides replacement white goods.

Meanwhile, Utility warehouse offers payments of up to £140 to customers about to go in debt, or are currently indebted. 

The team has helped 6,000 customers increase their combined disposable income in the last year by £9 million. 

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To find out if you are eligible for any of these schemes, visit their websites and review the conditions of applying.

Via the website you will find information on how to apply – saving you huge amounts of cash this winter in just a few steps.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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Samsung accused of obstructing Fortnite downloads

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Samsung accused of obstructing Fortnite downloads

Epic Games has accused Samsung of making it too difficult to download its massively popular video game Fortnite on certain mobile devices.

In a legal complaint it said it would file on Monday, it says people have to go through “21 steps” before they can play the game on a new Samsung product, including viewing security warning screens and changing settings.

Epic claims this means 50% of people who try to install the game on these devices give up before they complete the process.

It says this process takes 12 steps, rather than 21, for other Android phones and tablets.

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Epic has blamed a Samsung feature called Auto Blocker for the issue, which is turned on by default on Samsung’s latest products.

The tool is intended to block “malicious activity” and prevent app installations from unauthorised sources.

But Epic claims Auto Blocker is affecting Fortnite downloads, and says that goes against competition laws.

Apps on Samsung or Google’s stores can be downloaded in just a couple of clicks, as the firms have already approved them.

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But Fortnite must be downloaded from Epic’s own store – which triggers Samsung’s Auto Blocker feature to kick in with warnings about it.

Epic claims both Google and Samsung know Fortnite is a legitimate app, and so there should not be any warnings flagged.

That’s because it used to be available on Google Play – the official app store for Android-powered phones – and Samsung has even previously collaborated with it, running Fortnite competitions and creating digital skins for the game’s characters.

The BBC has approached Samsung and Google for comment.

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Fortnite’s developer has previously taken Google and Apple to court over disagreements about the way the tech firms operate their app stores.

The game returned to EU-registered iPhones in August after Apple was ordered to open up its app marketplace, but it still can’t be played on iOS in the UK.

Epic boss Tim Sweeney said he was “very sad” to be initiating more legal action.

“The fight against Samsung… is new, and it really sucks,” he said.

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“I did not think we would end up in this place.”

He claimed Epic would have “made a lot more money” had it chosen not to pursue its previous legal action, but said he wanted to create a “truly level playing field” for developers.

The game developer says it wants Samsung to introduce a process by which all legitimate third-party app developers can apply to be whitelisted from Auto Blocker but is has been unable to reach an agreement.

Fortnite was removed from Apple and Google’s app stores in 2020 after Epic introduced its own in-app payments system.

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And the developer won a lengthy court battle against Google over app store dominance in December 2023, with a jury deciding that Google had been operating a monopoly.

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Rightmove urges REA to submit ‘best and final’ offer as it rejects £6.2bn bid

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Rightmove urges REA to submit ‘best and final’ offer as it rejects £6.2bn bid

“The last few weeks have been very disruptive as well as unsettling for our colleagues,” said Rightmove chair Andrew Fisher.

The post Rightmove urges REA to submit ‘best and final’ offer as it rejects £6.2bn bid appeared first on Property Week.

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Qantas adds A380 to Johannesburg route for the first time

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Qantas adds A380 to Johannesburg route for the first time

The move will add 130,000 seats per year to the route, as well as seeing the return of the carrier’s first class cabin and a doubling in the number of premium economy seats available

Continue reading Qantas adds A380 to Johannesburg route for the first time at Business Traveller.

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AI is fuelling an Asia grid investment boom

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Renewable energy sources are generating a record percentage of the world’s electricity. With nearly a third of the world’s total coming from cleaner sources, installations of wind and solar facilities are also growing at record rates.

The lack of power grids to support this rate of growth means that a large chunk of this electricity may start going to waste. A surge in power demand fuelled by artificial intelligence-related sectors could supercharge a buildout of the world’s transmission networks — and that will boost key suppliers of the kit needed.

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Almost 3,700 gigawatts of new renewable capacity is expected to come online over the five years to 2028 around the world, according to the International Energy Agency. In Asia, companies are starting to invest heavily to get power grid infrastructure up to speed to meet this new capacity as demand from AI-related sectors offers the prospect of a quick pay-off.

Operating and training generative AI services is highly energy-intensive. AI data processing requires significantly more power than traditional data-centre activities. Some studies estimate that generative AI systems use about 33 times more energy than machines running task-specific software.

Justifying the investment decision to build out grids has become easier, given that near-guaranteed demand. Japan’s largest electric utility company, Tokyo Electric Power Company Holdings, for example, will spend more than $3bn to build up its transmission infrastructure by financial year 2027 through its subsidiary Tepco Power Grid — tripling its level of investment.

This year, it launched a large-scale substation — its first in more than two decades — in Inzai, in the Chiba prefecture east of Tokyo. This coincides with the construction of several data centres in the area including by Google’ and Japanese IT group NEC.

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Line chart of Forward price/earnings showing Powered up by grid investment

A local beneficiary from the investment in power transmission and distribution networks is conglomerate Hitachi, whose power grids business makes hardware for electrical grids and load-dispatching systems. Recent earnings already reflect growing demand for power transmission solutions, with group net profit for the June quarter more than doubling to $1.2bn.

Shares of Hitachi are up 80 per cent this year, and trade at 26 times forward earnings — about triple the levels of two years ago. In the US alone, the grid connection backlog increased 30 per cent last year. As renewable energy capacity continues to grow, grid integration and energy storage solutions will become increasingly lucrative sectors.

june.yoon@ft.com

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