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A&L profits 99 per cent down

Alliance & Leicester has revealed a 99 per cent fall in profits for the first half of this year.

In its half-yearly results A&L recorded a core operating profit of £2m, down from £290m in June 2007.

A&L group chief executive David Bennett blamed the huge decline in profits on the current market conditions.

He says: “Our financial results have been significantly affected by treasury losses in the first four months of the year and by high funding costs.

“The Board is acutely aware of the significant external risks presented by deteriorating economic conditions and continuing turbulence in financial markets.”
However, Bennett says the bank’s strategy and approach has enabled the group to be resilient in a difficult trading environment.

He says: “A&L’s underlying business is in good shape, with strong customer lending asset quality and arrears rates running far better than market averages.”


Platforms pose cost problem

Institute of Financial Planning chief executive Nick Cann has warned that advisers who move clients on to platforms without improving service could face the wrath of the FSA.

No comment

The purpose of the FSA’s Annual Public Meeting, held last week, was to give the public a chance to ask its own questions of the regulator. The problem was that the FSA refused to answer most of them.


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