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CBE for Myners and knighthood for HBOS&#39s Burt

Former Gartmore chairman Paul Myners, who led the Treasury-commissioned

review into institutional investment, was made a Commander of the British

Empire in the New Year&#39s Honours list for services to the financial sector.

In addition to a number of recommendations aimed at cleaning up

institutional investment, Myners recommended the creation of a similar

review for the retail sector, which spawned the Sandler review.

HBOS executive deputy chairman Peter Burt received a knighthood for

services to banking in the same week he retired from the group at the age

of 58.

Burt, a Kenyan, has been with the Bank of Scotland since 1975, working his

way from executive assistant to group chief executive in 1996. Following

the merger of BoS and Halifax in September 2001 resulting in HBOS, he was

made executive deputy chairman.

Burt says: “This honour is a reflection of the importance of the role that

Bank of Scotland has played, not only in the financial world but also in

the wider community. I am proud to receive this honour and see it as

recognition of the fantastic job my colleagues at all levels of the bank

have done over the years.”

FSA managing director Michael Foot received a CBE while Opra board member

Michael Jones was awarded the Order of the British Empire.

Patricia Bradley, who retired from the FSA at the end of December after 40

years as a financial regulator, the last 20 years spent monitoring

insurance, was also given an OBE.

Liberal Democrat MP Archy Kirkwood, who has represented Roxburgh and

Berwickshire since 1983 and served as chairman of Work and pensions select

committee since 1997, was knighted.

Two former Bankhall directors are setting up a rival support services

company called threesixty on March 1.

David Brattesani and Ross McArthur, who were senior compliance directors,

quit Bankhall in October.

Since then, they have built a team of eight staff to handle the clients

they expect to attract in the first six months. Further staff will be

recruited as the company grows.

The Manchester firm will provide support services to IFAs and mortgage

intermediaries for a fixed monthly fee, with charges starting at £225.

The company will offer bespoke services to suit clients, with a range of

service levels to minimise costs to firms which think they are paying for

services they do not need.

McArthur says: “Many firms are telling us that they are paying too much for

too little support or indeed for services which are not relevant to them.

We believe that intermediaries are now considering whether the question of

value for money is being properly addressed and we are ideally placed to

meet their requirements.”

Brattesani says: “We provide more than just compliance services. At the

moment, we are getting clients together. We intend to launch on March 1 but

we have interest from clients already and could well be operational before

then.”

Most IFAs believe that 2003 will see increases in bank base rates and the

FTSE 100 index, according to research commissioned by Liverpool Victoria.

Base rates are at a 38-year low and only 17 per cent of IFAs think they

will fall further, with 58 per cent believing they will increase by the end

of the year. Twenty-five per cent of IFAs think they will remain steady.

Many IFAs are also confident that the stockmarket will increase in the

coming year, with 42 per cent believing the FTSE 100 will end the year at

between 4,500 and 5,000 and 15 per cent predicting it will be over the

5,000 mark. However, 10 per cent think the index will fall below 3,500. It

is currently hovering around the 4,000 level.

Two hundred IFAs were questioned by Continental Research between October 30

and November 4.

Group director of IFA distribution Rye Mills says: “After such a difficult

year in the investment markets, it is encouraging to see that the majority

of financial advisers are reasonably optimistic about the markets turning

the corner this year.”

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