French bank Credit Agricole has confirmed it is considering a takeover bid for Alliance & Leicester.The move has been welcomed by brokers, who believe A&L needs investment so it can challenge HBOS at the top of the mortgage market. CA says it is at the early stages of evaluating a possible takeover. Abbey owner Banco Santander was mooted as a possible suitor for A&L. CA says: “We are assessing A&L, among others. Credit Agricole has not made any proposal to A&L and there is no certainty that an offer will be made.” A&L spokesman Stuart Dawkins is refusing to comment on whether it is prepared to sell. He says: “We are aware of the announcement and we are focusing on delivering our strategy.”
US private equity firm to lock in Roger Guy and major fund managers
Defaqto says bond charges are set to reduce as the impact of competition from wrap providers increases. In its first review of the offshore and onshore bond market, Defaqto predicts that leading advisers will consider offshore bonds more seriously over the next few years as they are becoming an integral part of many wrap propositions.
Montpelier has grown its shareholding of Millfield from 10 per cent to 14.76 per cent, making it the second largest shareholder behind Amvescap with 21.5 per cent.
The Government will be proposing two alternatives to the administration of NPSS according to leaked details from the white paper on pension reform.The leak to The Guardian this morning suggests that the administration of the national scheme could be organised through providers managing personal accounts.This would allow individuals to choose their own accounts from a […]
Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
Fiducia managing director on ‘good old-fashioned’ customer service in the digital world Anthony Scott is adept in the art of communication. As an adviser and a novelist (he has written the novels ‘On Ashover Hill’ and ‘The Birthday Gift’) it is crucial for the Fiducia Group managing director to engage and build a rapport with […]
The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]