Wake Up to Money - 17/06/2010

The Chancellor George Osborne will give the Bank of England the key role in regulating the UK financial sector and will dismantle the current tripartite system, abolishing the FSA. We ask Angela Knight, Chief Executive of the British Bankers Association, for her reaction to this news. BP has agreed to set up a fund of $20 billion dollars to pay compensation to victims of the Gulf oil spill. They also announced dividend payments to BP shareholders will be suspended till the end of this year. Ed Schroeder, Vice President of the Pensacola Chamber of Commerce and tourist Board in Florida, explains how badly his industry has been hit. BP Chief Executive Tony Hayward will face a grilling by a US Senate Committee later, which will be screened live on TV networks across America. We ask Mark Adams, Managing Director of Foresight Communications which helps prepare business people to appear before UK Select committee hearings, how Tony Hayward should approach his appearance. Recessionary pressures are enabling rogue traders to flourish and causing some of the hardest up to be conned by fake loans. The Citizens Advice Bureau says the loan companies offer a loan to people for whom cash is tight and charge a fee. The loan doesn't materialise and the fee vanishes into thin air. Teresa Perchard, Director of Policy at the CAB, explains how these companies lure people in.