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ABI takes a step forward to merger with the banks

The ABI and the British Bankers&#39 Association have come one step closer to merging, commissioning a joint study on the merits of becoming one body.

The governing bodies of both organisations say external consultants have been given the task of examining the practicalities of a merger and they hope to have the findings by the end of the summer.

If the report is favourable, the merger could happen before the end of the year.

The ABI and BBA have for some time been debating the pros and cons of forming a single body which they hope will represent a wider span of the financial services sector.

IFAs say they are not surprised by the timing of the move after the FSA published CP121 last month with its proposals for scrapping polarisation. They claim the banks are eager to have a joint body to ensure they are in the best position to take advantage of a change to the rules.

A joint statement from the organisations says: “They see strong merit in principle in such a development but wish to examine the practicalities in much more detail before making any recommendation to their members.”

Roberts Clark director Jo Roberts says: “Both bodies are positioning themselves so they can move quickly once the results of the polarisation review are known. The banks need to get their position correct from the start and will probably be the major contributors to the new body.”


Yorkshire is first mutual to offer an offset account

Yorkshire Building Society is claiming to be the first mutual to launch an offset account, combining borrowers&#39 mortgages and savings.It also claims its mutual status lets it offer more competitive rates than rivals.Yorkshire says, in contrast to most other offset accounts, its product offers fully flexible mortgage benefits, including underpayments and overpayments without penalty, daily […]

IFAs are urged to move into general sector

The move to bring general insurance and mortgage advice regulation under the FSA is an opportunity to market general insurance alongside life products, according to Swiss Re.At the annual Health Insurance conference in London last week, Swiss Re technical manager Ron Wheatcroft said IFAs looking to expand their businesses should consider combining general insurance with […]

Marlborough Stirling appoints director to integrate Exchange FS

Marlborough Stirling is appointing Gavin Norwood as director of integration and consultancy services to manage the integration of Exchange FS into the group.Norwood, who will oversee the integration of all company acquisitions, joins from software and consultancy firm Million Handshakes where he was managing director.Norwood says: “The fundamental changes we are seeing in the financial […]

John Tiner

Lives: Married with three children in Dorking, Surrey,Born: February 25, 1957Age: 45 this weekSchool: St Peter&#39s, Guildford.Career to date: Accountancy school in 1976; Andersen since 1979, made head of UK financial services practice in 1993, then head of global financial services industry from 1997.1995 asked by Bank of England to investigate Leeson affair. Appointed FSA […]

Bonds in 2017: Stick or twist?

Royal London Asset Management Bond Fund Managers Paola Binns and Craig Inches look at why short duration could be a key tactic for fixed income investors during 2017. Read the full article here The value of investments and the income from them is not guaranteed and may go down as well as up and investors […]


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