View more on these topics

Aldermore management probed ahead of float

The Prudential Regulation Authority investigated the management and governance at Aldermore ahead of the challenger bank’s plans to float the on the stockmarket.

The Financial Times reports the regulator launched a review of the bank’s governance last year after chairman Sir David Arculus left the company in 2013.

Sources have told the newspaper the regulator was concerned over whether pressure from a dominant shareholder led to the chairman leaving. The PRA was also said to have been concerned about a raft of new lenders entering the market with board members lacking the relevant banking experience.

The PRA review concluded last year and recommended Aldermore strengthen its corporate governance.

Aldermore said in its flotation prospectus the PRA was “generally supportive of Aldermore’s governance arrangements” and the “appropriateness of AnaCap’s influence and the direction being pursued on board governance.”

Aldermore is majority-owned by private equity firm AnaCap, and floated in March with a listing price of 192p per share. In early trading this morning Aldermore shares were trading at 238p.

AnaCap and the PRA declined to comment to the newspaper.

Recommended

Sue-Whitbread-MM-Peach-700.jpg

Sue Whitbread: Don’t forget the paraplanners

Advisers and planners do not need to be reminded to fulfil CPD requirements if they wish to retain their Statement of Professional Standing. Making sure an effective training and competence plan is in place is a key part of successful business practice. But what about paraplanners? How many firms include paraplanners and support staff in […]

Ian McKenna: Treading the fine line between good and bad robo advice

At the beginning of the month, Nick and Martin Bamford caused amusement around the industry by announcing the launch of Informed Choice’s robo-adviser as an April Fools prank. What many in the industry might find scary, however, is that they are not too far away from the truth. The emergence of real robo-advisers is, in […]

David Shelton’s business tips: Making communications consistent

Most communications activity comes with a cost and it is important to achieve the best impact. In addition to well targeted content that is relevant to the recipient it is also essential to achieve consistency. You can use these high level questions to help identify if you have any gaps and opportunities for improvement. If […]

How tax relief changes will hit pension contributions

The highest earners in the country would lose out more on pensions tax relief under the Conservatives than the Liberal Democrats. Each of the major parties has indicated cutting the tax relief on higher earners following the general election. Scenarios modelled by Fidelity Worldwide Investment show someone earning £250,000 a year and making gross pension […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment