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Abbey National fuels further speculation

Abbey National has fuelled speculation that it may enter the takeover battle for the besieged National Westminster Bank with the appointment of two new financial advisers reports the Financial Times.

Abbey has denied it is considering a bid saying the appointment of Warburg Dillon Read and Lehman Brothers as its joint financial advisers is to provide general information and not for a specific transaction.

Speculation has increased about a possible bid because traditionally Abbey has been advised by Dresdner Kleinwort Benson and Goldman Sachs.

But Dresdner has been appointed by NatWest&#39s defence team and Goldman Sachs is advising Royal Bank of Scotland on its bid for the NatWest.


IFA ditches The Exchange

IFA Direct Life & Pensions has ditched The Exchange because it claims its services do not meet the needs of IFAs.It has now built its own system and has signed up with individual life offices direct for its online comparative service Lifequote which does not offer an advice service.It says The Exchange has lost direction […]

FSA reveals plans for league tables

The Financial Services Authority has revealed plans for league tables of insurance companies and fund managers.The plans which will include tables of unit trusts, Isas, personal pensions and endowment policies, were set out in a consultation document presented by Treasury economic secretary Melanie Johnson.Johnson says: &#34Buyers of financial services products find it hard to choose […]

Ritchie and Boulding row at pensions conference

Scottish Equitable and Legal & General pensions experts have clashed over the viability of stakeholder at the Pensions Management Institute annual conference.Scottish Equitable director of pension development said he believed that the current framework was not workable.He said: “If you want converts you have to be prepared to pay the costs of your missionaries. Stakeholder […]

Axa Sun Life reports 28 per cent jump in new business

Axa Sun Life has reported a 28 per cent leap in new group business for the first nine months of the year.The life office figures reveal a £94m jump in equivalent premium income to £434.8m from £340.8m over the same period last year.The increase in new business comes on the back of a massive increase […]


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