Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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Wednesday 19 November, 2008

Office of Fair Trade

Merger Update

RNS Number : 5087I
Office of Fair Trading
19 November 2008
 




135/08

19 November 2008


OFT REFERS COMPLETED CAPITA/IBS SOFTWARE MERGER TO THE COMPETITION COMMISSION


The OFT has today referred the completed acquisition of IBS OPENSystems plc (IBS) by Capita Group plc (Capita) to the Competition Commission (CC) for further inquiry. 

The OFT has significant competition concerns in relation to the supply of revenue and benefits software services to UK local authorities.  

Bidding data, supported by strong customer concerns, indicates that the merger combines two of only three successful competitors supplying such software, and that with the removal of IBS as an important rival, Capita would be likely to find it profitable to offer its own and/or IBS' products and services at less favourable terms in future bidding opportunities.  

Although Northgate Information Solutions (Northgate) will remain a substantial rival to Capita, the OFT was not persuaded that two successful bidders competing head to head would give customers the same value for money as three, and new entry to restore local authorities' supply options is unlikely.  

By contrast, the OFT recently cleared Northgate's acquisition of Anite Public Sector Holdings (Anite), a further supplier also present in this software market, because there was strong evidence that this particular merger did not remove an important independent supplier of various software to local authorities.

While the total annual value of the market at issue in this case was estimated to be in the region of £20 million, and therefore presumptively outside the OFT's range of possible de minimis treatment, Capita argued that the limited value of the contracts coming up for renewal in 2008 meant that a reference was disproportionate and the OFT should apply its 'de minimis' exception to the duty to refer.

The OFT acknowledges that its theory of harm relates to adverse effects on customers when new contracts come up, rather than on the supply of maintenance services on existing contracts. However, given the uncertainty around the number and value of the contracts for which the parties could compete in the future, and the extent and duration of the competition concerns the merger will create, the OFT considers it proportionate that the CC investigate further, and so its duty to refer remains.  

Simon Pritchard, OFT Senior Director of Mergers said:

'In the relevant market in this case, following two parallel mergers the number of successful bidders has been reduced to two.  The fact that we have referred this case, but recently cleared the parallel Northgate/Anite merger, was not based on timing issues, but based on the likely competitive effect of this merger, and the lack of significant effect of the other. This demonstrates the OFT's focus on using a range of evidence to measure the degree of constraint each merging party places on each other, and on the market as a whole, rather than simply focusing mechanically on a reduction in the number of bidders from, say, 4 to 3 or from 3 to 2.  The constraint that Capita and IBS have imposed on one another to date, when combined with the very low probability of new entry to the market, is key to why customers are concerned and why the OFT believes the CC should scrutinise this case and, if appropriate, impose remedies.'


NOTES

1.    On 27 October 2008, the OFT cleared the anticipated acquisition by Northgate Informatio
Solutions UK Limited of Anite Public Sector Holdings Limited.

 2.        This is the latest in a series of completed mergers that were not notified to the OFT but which the OFT investigated on its own initiative and were subsequently found to raise competition concerns. In August of this year the OFT accepted undertakings from Home Retail Group, owner of Homebase, to sell an acquired Focus DIY store back to Focus (see press release 94/08) and, in the same month, the OFT referred the completed acquisition by Nufarm Limited of AH Marks Holdings Limited to the Competition Commission (CC). While the majority of mergers reviewed by the OFT arise from voluntary notification by the parties, the OFT's own-initiative inquiry programme has led to remedial action by the OFT or CC in a significant number of cases under the Enterprise Act 2002 regime. In some of these cases, it is always possible that the parties would have voluntarily notified the OFT of their merger at a later date, in other cases, it was clear to the OFT that this would not have been the case. The OFT has a dedicated Mergers Intelligence Officer responsible for monitoring non-notified merger activity and liaising with other competition authorities. That person can be contacted confidentially at mergers.intelligence@oft.gsi.gov.uk if any interested party wishes to make the OFT aware of a merger that it considers might potentially be anti-competitive.
 
3.        The OFT has a duty to make a reference to the CC if it believes that it is or may be the case that a relevant merger situation has been created, and the creation of that situation has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
 
4.        Under the Enterprise Act 2002, a relevant merger situation is created if two or more enterprises have ceased to be distinct enterprises, and the value of the turnover in the United Kingdom of the enterprise being taken over exceeds £70 million, or as a result of the transaction, in relation to the supply of goods or services of any description, a 25 per cent share of supply in the UK (or a substantial part thereof) is created or enhanced.
 
5.        The text of this decision will be placed on the mergers section of the OFT website as soon as possible.

 

 

MEDIA enquiries: 020 7211+        

Corinne Gladstone    8899                       Kasia Reardon    8901

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Out of hours: mobile: 07774 134814        fax messages: 020 7211 8961

http://www.oft.gov.uk        

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OFT reports and consumer information leaflets are available free from: 

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This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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