9am Lowdown: Regulator to review SME hedging

It’s nearly the weekend, but first here are some news headlines to kick off your Friday morning.

Regulator to review SME hedging

The Financial Conduct Authority (FCA) is being pushed by the government to conduct a ‘root-and-branch’ review of a scheme to compensate small and medium-sized enterprises allegedly mis-sold a sophisticated type of hedging product, according to the FT.

City minister Andrea Leadsom wrote to the financial regulator chairman to strongly support the recommendation put forward by a parliamentary select committee.

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Wetherspoon counters 'unfair' beer tax

JD Wetherspoon says it plans to triple coffee and breakfast sales over the next 18 months as it continues to be hit by “unfair” taxes.

Sales at the company increased by 4.5% in the six months to the end of January, but pre-tax profit fell by 0.9% to £37.5m due to higher costs.

The company paid taxes of £305.3m in that period, according to The Telegraph.

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Bank customers unaware of account switching

The FCA has found that consumers are unaware, and lack confidence, in the seven-day service for switching bank accounts.

The regulator said the service was likely to have a limited impact, unless more was done to publicise it. The FCA suggested that banks do more to raise awareness, through marketing campaigns, reports the BBC.