Monday newspaper round-up: Water companies, asking prices, legal industry

(Sharecast News) - Water companies could be allowed to raise bills for customers during periods of drought under proposals being considered by the sector's regulator for England and Wales. Suppliers would be permitted to factor "water scarcity" into bills as part of efforts to reduce consumption under Ofwat's plans, which are being likened to surge pricing - the practice where private hire firms raise taxi fares at times of higher demand. - Guardian The average price of a home coming up for sale in Britain's richest borough has dropped by almost £100,000 in a month as fierce competition among sellers in many areas prompts some to slash their price expectations, data shows. The property website Rightmove said that for Britain as a whole, average newly listed asking prices for homes had fallen by 2% over the past month, the largest August price drop in eight years. - Guardian

Bidders are lining up for BP's North Sea oil fields after the company released confidential sale documents for the £2.5bn package. The company, which last month confirmed plans to exit the North Sea after 60 years, has started to formally sound out buyers as it seeks a rapid sale of the assets. It is understood to be seeking a single cash purchaser for its whole portfolio, which comprises five production hubs off the coast of Scotland. - Telegraph

Britain's legal industry is being plagued by billions of pounds of dark money after a surge in cases funded by anonymous groups, a new report claims. Increasing numbers of cases at the High Court are being bankrolled by third-party litigation funding, which means UK judges are unable to know the identity of claimants' backers, a study from Civitas said. The think tank said the practice surged in recent years, with third-party litigation funding growing by more than 1000pc from roughly £198m to £2.2bn between 2011 and 2022. - Telegraph

The City regulator is scrutinising the role of high street banks in facilitating high-risk investment schemes which have put billions of pounds of consumers' money at risk, leaving thousands of people facing "devastating" losses. The Financial Conduct Authority warned it would "act where firms have fallen short" as banks come under scrutiny over their role in receiving and processing funds on behalf of unregulated "loan note" schemes. A series of these businesses have collapsed amid claims they were enormous Ponzi schemes. - The Times