PRESS DIGEST- Financial Times - March 27
March 27 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Headlines
* Rival Rothschild branches face court battle over family name
* George Osborne rejected diplomatic advice to join China-led bank
* Government backtracks on offices-to-homes plan
* 'Dysfunctional' UK regulator failed in its duty, say MPs
Overview
Swiss-based Edmond de Rothschild Group will issue a cease and desist order to the French financial adviser Rothschild and Cie for unfairly using its family name. The Swiss company said that Paris Orleans SA, the parent of Rothschild and Cie, has unfairly referred to itself as the "parent of the Rothschild Group".
Chancellor George Osborne rejected advice from the Foreign and Commonwealth Office while deciding to join China's Asia Infrastructure Bank. Officials in China and the UK had warned Osborne that his decision would alienate allies from Japan and the US. The chancellor raised his decision at the meeting of the National Security Council, which was approved by the Prime Minister.
The UK Government abandoned plans to extend rights of the builders to convert offices into homes after a backlash from London boroughs, business leaders and the Mayor of London, Boris Johnson. The rules to convert offices to homes had been relaxed in 2013 for a three year period.
MPs called the Financial Conduct Authority a 'dysfunctional' institution in a 83-page report indicating that the UK regulators failings were serious enough to require special actions. MPs said that the FCA must compete a detailed inquiry on the culture and governance of the regulator.
(Compiled by Zara Mascarenhas in Bengaluru; Editing by Lisa Shumaker)