Online - June 2011
Mike Fenwick asks if an open source approach can make IFAs socially useful and provide some anwers to the problems highlighted by the financial crisis.
David Aird says backward-looking asset allocation models may construct inadequate portfolios for clients.
Jonathan Willcocks says investors could be deterred by the IMA’s proposals to rebrand the managed sectors A,B and C.
OBSR investment strategist Andy Brunner says high net exports saved the UK from going back into recession in the first quarter of 2011.
Ian Lowes points to hypocrisy in recent structured product news coverage and highlights concerns about unregulated investing.
Peter Chadborn asks whether and how advisers should charge for handling protection claims post-RDR.
Matt Morris says income protection terms offered by insurers are less than perfect.
Almost £26bn of assets now sit in consistently underperforming funds, according to the latest Chelsea Financial Services relegation zone.
Cabinet Secretary Francis Maude warns changes to industrial relation laws not ruled out.
A fifth of workers are failing to make any provision at all for their retirement, a survey by Scottish Widows has found.
Both deals are available for a week only and rates start from 1.99%.
Intermediaries can upload and amend documents online from tomorrow.
Cherry Reynard looks at the differences in approach between absolute return and multi-asset funds.
The FSA says the London-based investment adviser failed to be “open and honest” in its dealings with the regulator.
New offshore bonds allow investors to lock-in investment growth on an annual basis.
Gale will play a more proactive role in “ensuring strong operational performance” in Aegon’s distribution businesses Positive Solutions and Origen.
Towry chief executive defends 12 month non-dealing covenants it imposes on advisers.
Figures in court reveal Towry IPO value of £800m.
Former Munich Re head of marketing joins on an interim basis, as Ageas Protect announces two other senior appointments.
Director of authorisations Graeme Ashley-Fenn has resigned for personal reasons.
Fidelity China Special Situations investment trust fund manager Anthony Bolton downplays the tough conditions present in China.
Investors who agree to the £54m compensation package will still be able to make a claim against their IFA.
James Thomson previously worked at Odyssey Financial Technologies.
Research from Compass puts average life cover for gay community at £228,524.
The provider’s fixed-term retirement plan will allow investors to take limited investment risk through the Aviva guaranteed fund.
Aviva is set to name John McFarlane as its new chairman, according to reports.
Insurer will sell roadside firm to the Carlyle group as it looks to focus on insurance and savings businesses.
Rachael Adams speaks to some of Axa’s Wealth charity fund team ahead of their attempt to scale Kilimanjaro.
HSBC, RBS and Lloyds criticised in damning BBC documentary.
FSA and Bank of England shut down a small Havant-based bank with retail deposits of £7.4m.
BoE executive director for markets Paul Fisher defends decision not to tighten monetary policy.
Bank cites “procedural difficulties” for offer withdrawal because some investors not able to participate.
Rates reduced by up to 0.21% on a number of fixed rates and trackers.
New 85% LTV deal is 4.69% fixed for two years.
Barclays has promised to settle all PPI claims made before April 20.
Trade body is still defending the way banks sold payment protection insurance, despite recent uproar over widespread misselling.
Federal Reserve chairman Ben Bernanke says the economic recovery is moving at a moderate pace.
Berry Asset Management has teamed with Novia to launch five risk-graded managed model portfolios.
Tighter monetary policy is required on the global stage to alleviate risks to financial stability, the Bank for International Settlements has warned
Corporate consulting arm hires Xafinity Consulting’s Giles Davis.
Base rate held at 0.5% for 27th consecutive month.
Bonds saw net inflows of £497m in May, according to the IMA.
Hughes and his wife alleged to have lied about income on mortgage application.
Research shows 44% of borrowers plan on using broker when looking for next mortgage.
Vince Cable says Gov’t will be less lenient in its taxation policy towards banks if targets missed.
Egerton tells Commons FOS and FSCS issues could be overlooked.
European contribution will be limited to eurozone countries.
Capita says £30m provision made in 2009 accounts will cover its contribution to the £54m CF Arch cru compensation package.
Baker previously John Charcol’s sales manager.
Castle Trust has appointed Keith Abercromby as chief financial officer.
Guerin joins from Barclays and will head firm’s mortgage team.
Bates has 30 years’ experience in financial services.
Peter Harvey and Chris Rice are wary on banks as the European debt crisis deepens.
France’s Christine Lagarde is named the first woman head of the International Monetary Fund.
The Chartered Insurance Institute has now recognised the Institute of Financial Planning certificate in paraplanning under its qualifications framework.
Deputy Prime Minister Nick Clegg has called for the public to be given shares in both Lloyds and RBS.
Smee takes up position on August 1.
William Hague says country does not have such a luxury.
Products available up to 75% and rates start at 5.29%.
RMBS follows £2.5bn transaction in February 2010.
Countrywide signs joint venture with the Mortgage Advice Bureau to launch Capital Private Finance.
Centre for Policy Studies says the Government must open public services to competitive forces, deregulate and cut taxes to deliver growth in the UK.
DB Advisors has acquired some of Standard Life Investments money market funds.
Cedric de Fonclare, the manager of Jupiter’s European special situations fund, has taken over its European income fund from Malcolm Millar, who is leaving the firm.
Key areas include financial strength and range of tax wrappers.
Europe’s central bank could be forced to recapitalise in the event of a default by Greece, Ted Scott, the director of global strategy at F&C Investments, says.
BoE deputy governor Paul Tucker says the bank could have done better in regulating the financial system.
Officials will consider reforms to current short-service refund regulations alongside the treatment of small pension pots and pension transfers.
Institution would have power to veto national economic decisions.
Labour shadow chancellor Ed Balls says his party wants to vote on a new tax on bank bonuses to fund schemes for youth jobs and new homes.
The end of the second round of quantative easing will not have much effect on the US economy, says Keith Wade, the chief economist and strategist for Schroders.
Full Solvency II requirements may be delayed until January 1, 2014.
Expectations of long-term inflation remain reasonably well anchored to UK’s 2 per cent target, the Bank of England says, despite missing the target every calendar year since 2005.
FSA chief executive says more supervisory visits unlikely to translate into a significant reduction in the FSCS levy.
F&C has expanded the remit of its head of funds Charlie Porter to take responsibility for investment trusts.
Technology provider says guidance will be produced in September following concerns from IFAs about scheme establishment and contribution collection.
Concern grows that Cameron and Osborne want to “park report into the long grass”.
Fed says latest round of quantitative easing will end on June 30.
Financial Conduct Authority will not have a primary competition objective under latest regulatory proposals.
Ascentric and Fidelity carry out pilot.
Towry chief exec says firm wanted to be “nurturing” and “comforting”.
HMRC says form required to lock-in to £1.8m lifetime allowance will be available to advisers in two months.
Ex Elevate MD will be responsible for strategic planning in the region.
Adviser Stuart Hutton cites “strong personal relationship” with clients during the Towry/EJ court case.
Some EJ clients not confident of new arrangemnts after Towry Acquisition.
Stuart Pearson sentenced to 12 months imprisonment and banned from acting as director for five years.
Sanders joins as chief executive.
Ombudsman chief executive Natalie Ceeney says she shares the industry’s concerns over the claims management sector.
Four men have been charged after police investigated four companies that were allegedly involved in ‘land banking’ fraud.
Santander, HSBC, Barclays and ING Direct say they would not lend to borrowers who take out Castle Trust’s new partnership mortgage.
The French regulator has said that Greece’s financial troubles could signal “the beginning of the end” of the eurozone if a restructuring of its debt is allowed to go ahead.
Briggs says appointment underlines plans for expansion in the protection market.
Conservative MP Alun Cairns to raise concerns in parliament.
The FSA has announced a £54m package for CF Arch cru investors.
The FSA has appointed former Skandia UK chief executive Nick Poyntz-Wright to head up its life insurance department from September 1, 2011.
FSA’s Margaret Cole says high risk of misselling will remain unless banks’ business models are changed.
Regulator has also publicly censured Wheatcroft Fox & Company for systems and control failings and failing to co-operate with the FSA.
Select Mortgage Services owed £1,675 to the regulator.
Regulator cancels permissions over £1,137 of unpaid fees and levies.
Landbanking company ordered to pay £920,000 to victims via the FSA.
FSA chief executive Hector Sants says regulator is carefully considering whether 2013 cap-ad deadline for personal investment firms should be extended.
FSA chairman Adair Turner says proposals need “wide-ranging debate” before final rules published.
Barnett Michael Alexander ordered to pay additional £322,818 in restitution for manipulating share prices using CFDs and spread bets.
Regulator cites ABI’s work on critical-illness cover as a good example of industry minimum standards in practice.
The FSA has agreed a temporary extension for Barclays, Lloyds Banking Group and RBS to handle the backlog of payment protection insurance complaints.
Sants refers to completion deadline of early 2013 for move to PRA and FCA.
FSA chief executive Hector Sants says European Commission is considering whether January 1, 2013 deadline is achievable.
The FSA has reiterated its stance on reviewing the FSCS, saying that it cannot speed up the process until regulation in Europe is finalised.
Regulator urges “extreme caution” over schemes which allow investors to access a loan worth up to 50 per cent of their pension before age 55.
Thematic review to see what banks can do to fight fraudsters.
Regulator has published the six organisations it is likely to grant accredited body status.
FSA says lenders should not rely on FSA register checks alone.
The FSA has referred two banks to its enforcement division after spotting a number of serious weaknesses in their systems and controls for managing high-risk customers.
Lord Turner says FSA will produce most “openly self critical report of any organisation.”
David Mason sentenced to two years in prison.
FSA continues its crackdown on land banks in the High Court.
FSA chief executive Hector Sants was highest paid director over the last year, earning £806,810.
Regulator updates consumer website to say RDR will not hamper access to advice.
Proposed adviser charging rules to refer to cancellation of ongoing advice service “without penalty.”
Firms will have to explain to consumers what is meant by terms such as ’guaranteed’, ’protected’ and ’secured’.
Financial companies can expect increased scrutiny from prosecutors and regulators as the UK’s bribery laws come into force today.
Regulator concerned over marketing and promotional material.
The FSA has sent a Dear CEO letter to wealth managers after it reviewed 16 firms’ files.
The Financial Services Consumer Panel calls for detrimental business models to be tackled, not just individual problems.
Fund platforms have confirmed this £1.3 billion in Isa sales is the highest on record.
Global growth, UK and income investment companies were the most viewed on the AIC website.
Pensions minister Steve Webb confirms appointment of Iraj Amiri, Sharon Darcy and Nigel Stanley to the Nest trustee board.
The Chancellor is considering scrapping higher-rate pension tax relief, according to a report in the Sunday Telegraph.
DWP “concerned” current annual limit of £4,200 will not be effective in meeting the scheme’s policy intentions.
Housing minister Grant Shapps has launched the £500m scheme aimed at helping first time buyers.
Duncan Smith willing to discuss transitional arrangements but refuses to budge on timetable for state pension age rises.
DWP says allowing pension schemes to change their rules to accommodate CPI inflation could “severely damage” members’ trust.
IoD says employer research suggests reforms could be “defeated” by high opt-outs.
Lib Dem MP Sir Alan Beith says not publishing the Deutsche Bank report would destroy credibility of any decision based on it
Gov’t departments to release thousands of acres to house builders by 2015.
Treasury to introduce new £50k annual charge and residency test aimed at removing uncertainty.
Consumer groups will be given power under the FCA to force investigations into misselling.
Chief Secretary to the Treasury Danny Alexander to offer contribution increase concessions to low-earners in an effort to limit opt-outs.
Pressure increasing to delay raising the retirement age for women ahead of the pensions bill’s second reading today.
The Association of Consulting Actuaries calls on policymakers to bring an ECJ test case to clarify how mens’ and womens’ GMPs can be equalised.
Debt restructuring is not an option for eurozone countries that have accepted the recent bailouts from the IMF and the EU, a member of the European Central Bank governing council has said.
Greece is almost certain to default during the coming 18 months, according to Ignis Asset Management’s chief economist.
George Papandreou, the Greek president, has replaced his finance minister after agreeing a new bailout deal with the country’s partners.
The Greek parliament has narrowly voted in favour of the £25bn package of austerity measures.
Mortgage approvals up 15% to £1.8bn.
Gross advances to increase from £136bn in 2010 to £150bn in 2012.
£11.3bn gross lending figure 1% up on May 2010.
Leading fund managers Stewart Cowley and Trevor Greetham clash over Government austerity measures.
Henderson is looking at merging one of its strategic bond fund range following the departure of James Gledhill.
Henderson Global Investors will launch a new Emerging Markets Currency fund later this year.
Henderson is to merge away a trio of Gartmore multi-manager funds and is re-shuffling the managers across its range.
Treasury Financial Secretary says being too “robust” risks “destroying” chances of gaining regulatory concessions in Europe.
Alan Easter has left the firm to pursue “other business opportunities”.
Average price now £168,205.
Prices fell by 0.4% between April and May.
Prices increased by 0.1% to £160,519 between April and May.
45,940 approvals slightly lower than six-month average of 45,957.
Move follows same temporary extension given to Barclays, Lloyds and RBS by the FSA this week.
RDR forces cuts of 460 financial planning manager positions.
Settlement equivalent to 20 cents on dollar for fund’s $312m real losses.
Bank says the Nursing Homes Fees Agency “no longer forms part of the group’s strategic direction”.
The IMA has appointed Morningstar UK to monitor funds classified to the IMA sectors.
The IMA has pushed back the implementation date for its managed sectors to October 1, 2011.
The IMA is calling on the FSA to launch an inquiry into advisers who recommended Keydata and Lifemark products.
Trade body warns UK competitiveness will be hit if FSCS is not reformed and repeats call for an inquiry into Keydata failure.
IMF has blocked a £10.6bn aid payment until it receives assurances of new bail-out package.
IMF says no change to policy necessary unless risks to growth and inflation emerge.
Incapital managing director Chris Taylor has resigned and has launched his own consultancy.
Increase of even 1% will stop billions of pounds being lent.
Inflation has affected those on lower incomes worse than those on higher incomes, according to the Institute for Fiscal Studies (IFS).
Integration will allow users to obtain valuations electronically.
FSA says brokers are “gaming” lenders’ systems to bypass stringent income checks.
John Newlands of Brewin Dolphin says investment trusts are not taking full advantage of RDR opportunities.
Henderson director of retail, fixed income James Gledhill has been made redundant.
Firm will be chaired by former FSA chairman Callum McCarthy.
But firm’s financial planning revenues drop 11 per cent.
JOHCM plans to launch another global equity fund and two equity funds investing in Asia excluding Japan later this year.
Polin to leave at the end of July after seven years at Ignis.
JP Morgan alleged to have misled investors in mortgage-relates security.
Rates start from 3.14%.
IFA Stuart Doughty says excitment in the team is rising as the participants in Axa Wealth’s Kilimanjaro Challenge arrive in Africa and get ready to start the ascent
Bank of England Governor Sir Mervyn King says FPC must be able to apply tools to national circumstances.
Kleinwort Benson has completed its purchase of Close Offshore Group for £26.4m.
Legal & General Investments is to launch a fund on June 16 investing in a global environmental stockmarket index.
BWD: 35 per cent of advisers yet to pass any Level 4 exams.
Aviva survey suggests “unwanted or unplanned” post-55 career changes has a “detrimental impact” on retirement finances.
Hill steps into chief exec role because favoured candidate David Pickersgill is on sick leave.
Consumer champion says 95% of lenders failed to cut SVRs since base rate dropped to 0.5%.
Regulator says some teams too junior to spot mortgage fraud risk.
Vertex senior business consultant Stuart Hayman looks at what financial serivceses can do to mitigate the repuational damage caused by PPI claims
Legal & General Investment Management director and head of global high yield David North has gone on extended sick leave.
Lib Dem MP Adrian Sanders and Lord Smith say ICB proposal to ringfence retail banks will not protect the tax payer.
Exclusive contract with Civil Service Motoring Club will run for two years.
Liontrust has announced a pre-tax loss of £1.7m following an extensive restructure within the asset manager.
No date agreed and Walsh will oversee transition to new structure within bank.
60% of Lloyds’ £345bn mortgage book is classed as “high” or “very high” LTV.
Bank operating “dual-track” process with sale still likely.
Reports suggest Lloyds Banking Group is preparing to axe 15,000 jobs as part of a £1bn cost saving plan.
Lloyds Banking Group has confirmed that it will keep its 60 per cent stake in St James’s Place.
Scottish Widows thought to be considered too valuable to off-load.
Ex-Chancellor Lord Lawson says Government should go further than ring-fencing and completely split universal banks.
LV= says deal will allow IFAs and Sipp customers “immediate and direct” access to Barclays’ execution-only trading platform.
M&G is merging its £208m income fund with its £521m dividend fund.
MAM Funds plans to launch a UK equity income multi-cap fund managed by Gervais Williams and Martin Turner.
The FSA and the Dorset Police search two premises in Poole.
Man Group has today launched the first combined Ucits fund since the group’s acquisition of GLG Partners in 2010.
Barclays UK Retirement Fund chief executive Harrison will replace Lindsay Tomlinson when his two-year term ends in October.
M&G bond manager Mike Riddell says market is pricing in a first UK interest rate hike in August 2012.
Consultant links with The Open Market Annuity Service to offer medical underwriting on its corporate platform.
Bank of England governor Mervyn King was awarded a knighthood in the Queen’s birthday honours list.
Firm will repay couple £20,000 as it drops judicial review of FOS decision.
Pressure for reform of the open market option mounts as provider joins Pica.
Labour leader urges trade unions to back down from industrial action this Thursday.
The MAS will start a £4m nationwide advertising campaign on June 9.
Portugal’s debt has been downgraded to junk status by credit ratings agency Moody’s today.
90 days arrears rates in Kensington and MP’s RMBS tranches 29% and 34.3% respectively.
Ratings agency says downgrade possible if US fails to raise cap on borrowing.
Mortgage Brain says there are now 11,996 live products on its sourcing system.
Moneyfacts.co.uk says rate falls down to lower funding costs.
Deputy governor Paul Tucker has told MPs the MPC is a long way from calling for extra stimulus for the economy.
New MPC member Ben Broadbent votes to keep rates the same.
FPC has only two external members less than one week before its first meeting.
MPs say reporting standards being used by RBS may be “distorting” the banks capital position.
Rates start from 2.99%.
Canada Life, Just Retirement, L&G, Partnership and Reliance Mutual join Nest’s retirement panel as the scheme builds its shopping around process.
New IMF chief Christine Lagarde calls on Greek politicians to unite ahead of crucial austerity package vote.
The New Star investment trust has been relegated from the FTSE all-share and small cap indices of UK stocks after failing liquidity tests.
VouchedFor.co.uk goes up against Unbiased but only lists fee-based IFAs according to client feedback.
Consumers can release a minimum of £25,000 or 25% of property’s value.
Conservative MP John Redwood says ’optimistic’ forecasts could damage the OBR’s reputation.
OFT warns Swift it must improve its practices or risk removing its credit licence.
Investigation dropped as former Vebnet chief executive leaves to pursue “other interests”.
COO McIntyre replaces Martin Davis.
Reports suggest bank will be valued at £1bn.
Chancellor will affirm his support for the ICB’s recommendation to protect retail banking operations from riskier investments.
Chancellor George Osborne says completing state pension age and public sector pension reform is essential.
Lloyds chief executive Antonio Horta-Osorio will confirm plans to retain Scottish Widows as it looks to profit from the post-RDR “mass market” advice gap.
Bank advice has again been put under the microscope after a BBC Panorama investigation found advisers in high street banks misleading their clients.
Platform has appointed Jeanette Cook as head of compliance.
Partnership has unveiled an enhanced equity release product aimed at homeowners with health or lifestyle issues.
Brown will head up LV=’s retirement proposition.
One in four DC schemes unable to judge whether charges incurred by members represent “value for money”.
PIMCO launches fixed income fund that hedges against interest rate risk.
Lender also launches range of products with no ERCs.
Defaqto says providers fail to meet top 3 most important service aspects.
Sharia compliant investments will be available though the firm’s full range of Sipp products.
David Cameron is today expected to back call for Big Society Isa offering increased allowance in exchange for investing in social projects.
MPC committee member Adam Posen has slammed the Bank for International Settlements for its comments over the UK’s soft interest rate policy.
Roadshows designed to offer advisers “practical help” as RDR approaches.
FSA head of insurance Julian Adams says a mandated winding up mechanism could be introduced if short-comings are found in existing structures.
FSA head of insurance Julian Adams says regulator will be relying on other regulators to help ensure fair treatment of UK and non-UK insurance firms.
Firm says it will lend at up to 75 per cent loan-to-value on an interest-only basis.
A range of Pru funds are to merged into their M&G counterparts.
Prudential is adding guaranteed options to two of the life and pensions funds.
PSigma Asset Management will use a GDP-focused benchmark in its global equity income fund.
Richard Lanyon to step down after 10 years.
Independent trustee firm has seized control of the bank accounts of six pension schemes due to concerns that the loans could be legally void.
FSA says number of cases in arrears fell 8% between Q4 2010 and Q1 2011.
Resolution will return £250m via on-market share buyback and £250m in first half of 2012.
Stephen Hester says ring-fencing will be costly to the banking industry and increase risk.
BoE executive director Paul Fisher says search for returns in low-yield environment could increase risks to financial stability.
Nouriel Roubini, the chairman of Roubini Global Economics, has warned the eurozone will break up if it fails to find a more radical solution to its current problems.
Royal London has completed its takeover of Royal Liver.
Standard & Poor’s yesterday downgraded Greece to CCC - the worst sovereign rating in the world.
Sue Hayes was previously managing director of Santander Business Banking.
PRA chief executive designate says different incentives and data available to regulators justify new “forward looking” approach.
FSA chief executive says access to advice post-RDR is an “utterly understandable concern”.
FSA chief executive Hector Sants tells banks misselling scandal was a missed opportunity to restore customer confidence.
PRA chief executive designate Hector Sants says protecting policyholders is likely to make supervision more intense.
IMA chief executive expects some absolute return funds to migrate to the new managed D peer group.
OBSR has removed the Schroder UK mid 250 fund from its ratings service.
Schroders has appointed Bob Jolly to a new role on its fixed income team.
Schroders’ head of UK equities Richard Buxton says there will be opportunities in the UK retail sector.
Trust was to be to run by its specialist absolute return multi-managers firm.
Schroders is adding a third low-cost fund in the multi-asset space.
Gov’t hopes it will result in higher LTV mortgages made available to borrowers without big enough deposit.
Barings targeted return fund chairman Simon Duckworth joins SFO.
Accounts for 2010 reveal £8,497,000 provision.
Former Aifa director general Paul Smee to head committee to look at expanding membership.
Skandia has handed Lapides Asset Management to run a mandate in the global dynamic equity fund.
Firms say pControl programme enables unit and cash rebates.
The case against the former IMF head appears to be in trouble after reports about the alleged victim’s credibility.
Provider hopes to leverage increased popularity of platforms with SmartSipp product launch.
Mary-Jane Rathie overvalued properties in exchange for “gifts”.
Increase in FOS award limit to £150k means IFAs are being unfairly treated, says Tenet.
IPSOS Mori head of financial services Charles Adriaenssens says the Big Society Bank has a key role to play in the development of social investments.
Three individuals have been charged in connection with an alleged £10m fraudulent investment scheme.
National IFA says advisers breached restricted covenants.
Five trade bodies calling for principles-based and proportionate approach to regulation.
Policymakers believe integrating the two systems will remove economic distortions, reduce burdens on business, and improve fairness across individual earners.
Treasury orders Office of Tax Simplification to review pensioner tax system and employee share schemes ahead of the 2012 Budget.
Trevor Matthews to join Aviva as new UK CEO as Mark Hodges moves to become Towergate Insurance CEO
Trio replace Sandy Kinney, Chris Woodburn and Terry Connor, who complete their time on the board.
Saghir Ahmed Afzal and Ian McGarry jalied for total of 20 years.
Banks should go public on their concerns about ringfencing, TSC chairman Andrew Tyrie has urged.
Treasury select committee chairman Andrew Tyrie has set out 10 questions the Independent Commission on Banking should answer in its final report.
Treasury financial secretary Mark Hoban says European law makers should stick to Basel III rules.
The UK economy grew at 0.5 per cent during the first quarter of the year, the government’s final figures confirm.
UK CPI inflation rate remained unchanged at 4.5 per cent in May.
Britain will face a wave of house repossessions as soon as interest rates start to rise again, UKAR chief warns.
Unbiased.co.uk has added an accountant search and relaunched as an integrated advice site.
The total number of unemployed falls by 88,000 in the last three months to April.
National Credit Union Administration claims firms misrepresented risk associated with mortgage-backed securities.
Fitch says it will downgrade the US from AAA to B+ if it does not increase the maximum amount it can borrow by August 2 and fails to make its first debt repayment after that date.
US Treasury secretary Tim Geithner says ’tragic ending’ should serve as a lesson to countries changing regulatory structures.
National Crime Agency will now house co-ordinating board for agency.
Lender also launches two new tracker products.
Building society also launches new 75% LTV two-year fix at 3.39%.
Yorkshire Building Society launches its first residential mortgage backed securitisation worth £750m.
Extension of current arrangement expected to net Capita £570m in extra revenue by 2026.