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Crawshaw takes over as Rodrigues quits B&B

Bradford & Bingley group chief executive Christopher Rodrigues has resigned in a move some believe will lead to B&B returning to its core business and selling off recent IFA acquisitions.

Rodrigues, who joined B&B in 1996 as chief executive and engineered an unpopular demutualisation in 2000, is moving to San Francisco to become president and chief executive of Visa International. He will be replaced by Steven Crawshaw, managing director of lending and savings.

Crawshaw says B&B is entering a stage when it will start to accelerate its strategy for depolarisation, including tied, multi-tied and advice.

Some in the industry believe Rodrigues&#39 departure, coupled with the City&#39s long dissatisfaction with B&B&#39s strategy and the fact that his replacement comes from the traditional side of the business, could result in a new back to basics approach, with a number of B&B&#39s acquisitions being put up for sale.

Mortgage expert Mark Chilton says: “It is inevitable with a new chief executive that there will be a significant rethink of strategy and I would not be surprised if they refocused on core business.”


LIA targets loan advisers as it aims for professional status

The LIA is aiming to attract mortgage brokers into its fold as it moves towards being a true professional association. The association previously concentrated on tied salespeople and IFAs. Mortgage advisers presently make up about 1,200 of the 20,000 LIA members. Director general Mark Ommanney says there are tens of thousands of loan advisers who […]

Correspondent&#39s week

Off to lunch with the Antichrist. But the Prince of Darkness is late – even later than me – as he manages to lose himself in Clerkenwell&#39s alleys. When Satan, aka Julian Penniston-Hill of trail commission-grabbing Intelligent Money fame, sits down, we realise we have spoken before. He invented those IFA Isa booklets which used […]

Who is policing policy changes?

It was interesting to read in Product Matters about Norwich Union&#39s commitment to with-profits (Money Marketing, February 19). The strange thing is that it does not offer a with-profits contract any more. You can call a bed a chair because you can sit on it but the other way round it becomes a very restless […]

Commission comparison on menu

IFAs will have to compare how the commission they get adds up against the market average, according to long-awaited FSA proposals for the menu-based system of payment published last week. The menu was finally released last week after significant delays alongside a feedback statement to CP166 outlining the final depolarisation rules. The menu will oblige […]


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