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CML blasts bid to scrap compulsory insurance

The Council of Mortgage Lenders believes Trade and Industry secretary Stephen Byers&#39 announcement to scrap compulsory insurance on mortgages comes at an “odd” time.

The CML is also urging the FSA to confirm it will be regulating mortgages as soon as possible.

CML director general Michael Coogan says: “The legislation should not be taken as a signal that insurance is unimportant. A mortgage is a big commitment and people must make sure they are fully protected.”


Former A&L chief case

Former Alliance & Leicester chief executive Peter White is intending to submit his case for unfair dismissal to an industrial tribunal this week.White was allegedly ousted in October when chairman and now acting chief executive John Windeler called for a more consensual style of leadership.A&L now have 21 days to respond to White&#39s submission, which […]

Widows policyholders vote for Christmas cash bonanza

Scottish Widows policyholders are set for a financially merry Christmas thanks to members voting in favour of its take-over by Lloyd&#39s TSB, leading to a £5.4bn cash bonanza.Nearly 97 per cent of the mutual insurer&#39s members voted to transfer business to Lloyd&#39s TSB at a general meeting in Edinburgh, ending Widows184 years as a mutual […]

NatWest attacks predators

The National Westminster Bank has hit out at its Scottish suitors claiming any takeover would offer poor value for money.Natwest claimed the Royal Bank of Scotland&#39s bid held the same mix of inadequate value and high risk as the offer from Bank of Scotland.Natwest also warned shareholders RBS is offering to pay mainly with its […]

FSA takes up new stockmarket role

The Financial Services Authority has published draft guidelines on its approach to taking over the role as the London Stock Exchange regulator next Spring.The FSA announced it will take over from LSE&#39s listing function with the continued help of the listing authority advisory bodies.It also revealed of head of the listing department at the stock […]


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