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BBA board looks at merger options

The British Bankers’ Association’s board has had internal discussions about a merger with another trade body, following the Government’s decision to end its role as the administrator of Libor.

Following the recent rate-rigging scandal, Financial Conduct Authority chief executive designate Martin Wheatley recommended reforms for the administration and submission of Libor. In October, the Government accepted the proposals, which will see a new Libor administrator replace the BBA.

The loss of this role will have an uncertain effect on the trade body’s finances, which has led to boardroom discussions about a possible merger.

A BBA spokesman says the idea of a merger with another trade body, such as the Council of Mortgage Lenders, has come up in internal discussions.

He says: “It is an idea which has been floated in the boardroom but I can confirm we are not in discussions with the CML, nor any other trade body at the moment.”



Canada Life announces gender-neutral annuity pricing strategy

Canada Life has announced details of its approach to annuity pricing ahead of the introduction of unisex rates next month. From 21 December, insurers will no longer be able to price annuities based on the sex of the applicant. Canada Life will start producing quotations on a gender-specific basis on 5 December. The provider says […]

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FSA warns of fraud risks in quick property sales

The FSA has warned borrowers in financial difficulties who are looking to sell their home quickly to beware committing fraud. The regulator says it has evidence that some below market value or distressed property sales involve fraud, where the buyer – a company or an individual – asks the seller to state the property has […]

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Old Mutual to explore broader platform product range

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Who pays inheritance tax and how to declare it

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