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B&B appoints new MD

Bradford & Bingley has revealed that Richard Banks has been appointed as managing director.

Banks has over thirty years experience in financial services, having started his career at Midland Bank, before moving to Girobank, subsequently Alliance & Leicester. He stepped down from the board of A&L in October 2008, following its acquisition by Santander.

Richard Pym, the current executive chairman will become non-executive after an appropriate handover period.

Pym says:
”This role was advertised in January 2009 and a strong field of applicants applied for the position. The board selected Richard whose experience and competencies made him the outstanding candidate for the role.”

Banks says:
”B&B is in a unique position, and it will be a challenging role to maintain the momentum and motivation of colleagues during the wind down of the business as we protect taxpayers and repay HM Treasury and the Financial Services Compensation Scheme, whilst also treating customers and creditors fairly.

“I look forward to working with the board in achieving a successful outcome for all stakeholders.”


Winding road

I have been contacted by an insurance company as I am one of two remaining members of an executive pension scheme and they want to wind up the scheme. What should I do?

Manager focus: Andy Brough

Andy Brough, the manager of the Schroders UK Mid 250 fund, has admitted to investors they would have fared better in an index fund than his mandate.


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