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B&B may take on Charcol liabilities to speed up sale

Bradford & Bingley may offer to take on the liabilities of IFA subsidiary Charcol as an incentive to pot- ential buyers.

The bank plans to sell off its IFA empire in a bid to slash £40m from its annual costs. Negotiations are expected to begin in earnest in the coming weeks after last Friday&#39s deadline for bids.

B&B, in a strategy U-turn masterminded by new chief executive Steven Crawshaw, is preparing to offload all its non-core IFA busin-esses, including Charcol Holden Meehan and Aitchison & Colegrave.

Analysts say that B&B will not recoup the £100m it paid for the firm in 2000.

But Charcol insiders have argued that B&B has got great value from the business using its expertise to set up The Marketplace.

An offer to cover any potential liabilities could speed up a sale.

Charcol general manager Ricky Okey says: “That and other factors will be a point of discussion and negotiation once we get to the point of exclusivity.”


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Richard Verdin on protection

It should have a market share of around 20-25 per cent of all term products sold but it does not. It hovers around 1-2 per cent. Talk to any old(ish) IFA and they all swear blind that they used to sell it by the bucketload and have forgotten why they do not sell it anymore. […]

FSA warning to IFAs trying to recoup complaint fees

The FSA says it will take action against IFAs if they try to dissuade consumers from pursuing claims. The Financial Ombudsman Service has seen increasing numbers of cases where IFAs have been telling consumers that if they take their complaint to the FOS they will have to pay the IFA&#39s fees if they lose. The […]

FSA appoints former PIA watchdog as complaints commissioner

Former PIA principal ombudsman Sir Anthony Holland has been appointed as the independent complaints commissioner for the FSA. Holland, chairman of the Northern Ireland parades commission, will take over in September from Rosemary Radcliffe, who has performed the role since the complaint scheme&#39s inception in 2001.

The FCA’s five fixes for retirement information

The Financial Conduct Authority (FCA) has started to change the way that people will be told about their pension options. In a recent market study paper, they lay out their final proposals on the information that should be delivered to people approaching retirement and how it should look and feel. During 2015, there will be […]


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