View more on these topics

Bank of England chief economist for OFT top job

The chief economist of the Bank of England John Vickers is to replace

controversial Office of Fair Trading boss John Bridgeman inthe autumn.

The new director general is currently chief economist and executive

director at the bank. He is a member of the monetary policy committee and a

fellow of the British Academy. He taught economics at Oxford University and

became Drummond professor of political economy in 1991.

Bridgeman came under fire from IFAs for advocating a blurring of

polarisation rules by suggesting investment advice should be depolarised.

The move would have effectively allowed multi-ties on investment products.

The report on polarisation, published last August, was also condemned by

consumer groups.

Bridgeman was also responsible for a review of private medical insurance

and brought sub-prime lenders to heel under the Consumers Credit Act.

Bridgeman welcomes Vickers&#39 appointment. He says: “I have a high regard

for his work. He will take over at a time when consumer issues are

achieving more prominence.”

Vickers says: “The Competition Act 1998 reshaped and updated competition

law, giving a wide range of new powers to the OFT. It has a challenging

agenda to make sure markets work well.”

Maddison Monetary Management managing dir-ector Mark Howard says: “Out

with the old, in with the new. Whenever someone new comes in they bring

fresh thinking and this can only benefit the industry.


It&#39s a new world for Axa Sun Life pensions

Axa Sun Life has launched its pre- and post-stakeholder pension pro-position which will focus on e-business.Starting in October, its new range, “new world” Axa Sun Life pensions,will have a single charge, a minimum contribution level of £20 and noexit penalties.The company says the range of pensions will include stakeholder-friendlypensions with a maximum 1 per cent […]

Scottish Widows Corporate Bond Fund

Scottish Widows has introduced a Corporate Bond Fund aimed at pension schemes in response to rising demands for long-dated gilt-edged securities.The introduction of the fund also coincides with the move towards the minimum funding requirement (MFR) solvency test for pension funds, which has also pushed up demand for bonds as their inclusion in a revised […]

Axa launches funds to be managed by other companies

Axa Investment Managers has launched four unit trusts which will invest in funds by rival fund management companies. The “MultiManager” unit trusts will be run by Simon Wood, a senior fund manager with Axa. They are the Global Opportunity, Growth, Income and 2020 funds. The growth opportunity and growth trusts will aim to achieve capital […]

Bradford & Bingley…

Bradford & Bingley saw the curtain fall on 150 years as a mutual on Mondaywith an overwhelming vote by members in favour of conversion to a plc.Members are expected to receive windfalls of over £700 when B&Bfloats in December.Chairman Lindsay Mackinlay (pictured above)told the few hundred membersattending the specialgeneral meeting at Sheffield Arena that it […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment