View more on these topics

CBI’s Cridland says ringfencing now is ‘barking mad’

Confederation of British Industry director general John Cridland says the Government would be “barking mad” to push forward with plans to ringfence UK banks, given the current economic conditions.

He told the Financial Times this week it would be wrong to implement Sir John Vickers’ expected proposals to separate the retail and investment arms of banks in the midst of the European debt crisis.

He said: “Taking action at this moment of growth peril, which weakens the ability of banks in Britain to provide the finance that businesses need to grow, is just to me barking mad.”

British Bankers’ Association chief executive Angela Knight has also called for a delay in implementing Vickers’ plans.

She says: “We have a high degree of uncertainty, market turbulence and lack of confidence that governments in other countries have got a sufficient grip on their economies.”

Vickers’ independent commission on banking is due to produce its final report this month. Chancellor George Osborne signalled his backing for the ringfencing plan at a Mansion House address in June.

Churchouse Financial Planning director Keith Churchouse says: “If the banks get fed up with UK regulation, they could move offshore.”


Isle of Man in radical shake-up of financial services

The Isle of Man Government has announced a shake-up of its financial services sector which will see the creation of public private sector partnership to lead financial services development. The new hybrid body, made up of the Department of Economic Development and the Chamber of Commerce, will allow resources and funding to be shared across […]

Broker homeloans rise as direct deals dive

The number of mortgage products available to intermediaries has increased by 35 per cent since January while direct-only products have fallen by 29 per cent in the same period. According to figures from TrigoldCrystal, 1,974 intermediary mortgage plans have been added to the market since January, increasing the total number from 5,651 to 7,625 while […]

mm billyburrowsside

Billy Burrows: Falling annuity rates call for new solutions

Annuity rates have fallen again as corporate bond and gilt yields plummet and rates are down by an average 5 per cent since the start of June. Annuity rates have been in decline since 1990 and there seems to be no end in sight to this downward trend, even though rates have recovered slightly in […]

Nationwide to reduce five-year fixes by 0.1%

Nationwide is to reduce all of its five-year fixed rates by 0.1 per cent for new applications. From September 1, Nationwide will offer a five-year fixed rate mortgage at 3.69 per cent up to 70 per cent loan-to-value. The product comes with a £900 product fee and a £99 booking fee. There will also be […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm