Abbey has confirmed that more jobs are likely to go as part of the Grupo Santander cost-cutting plan. It is understood that 2,500 cuts will be made next year. The three-year plan is to increase revenue between 5 and 10 per cent on a yearly cumulative basis and transform Abbey into a full-service retail bank.
The Alternative Investment Management Association has hit back at attempts by the FSA to impose tighter controls on the hedge fund industry. AIMA says it rejects the idea that there is lower compliance among hedge fund managers and says tougher regulation will force hedge fund managers out of the City. The association has gathered opinion […]
Berkeley Berry Birch says it will not go down the multi-tie route as a way of raising capital because it would go against the wishes of the majority of its advisers. Marketing director Carey Shakespeare says some nat-ional IFAs have set-up multi-tie operations, not because their advisers wanted this but because directors needed to raise […]
Eurolife Assurance Group has saved a reported 1m in compensation after 25 per cent of investors in its secured income and growth bonds chose to take a smaller one-off payment instead of the five-year restructuring plan it originally offered when the bond defaulted in January.
Will taxpayers have to bear the consequences of the Govt’s retreat on pensions?
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Three advice firms have stopped giving pension transfer advice following work by the FCA over the future of the British Steel Pension Scheme. A statement this afternoon details the FCA’s “information gathering exercise” to identify the firms that have been most active in advising people to transfer out of the scheme. The regulator got information from […]
The FCA has launched a consultation on its approach to authorisation and competition, which will be open to responses until March next year. Following the launch of the FCA’s mission in April, the approach documents are the second and third in a series of papers explaining how the watchdog tackles regulation. The first document, the […]