View more on these topics

Ex Lloyds chief backs takeover

Lloyds TSB former chief executive Brian Pittman says he is sure that the deal between his former bank and HBOS will go through.

Speaking to the BBC’s today programme, Pittman said he is confident that the combined bank would be a success.

Pittman said: “I think the deal will go through, it is important it goes through, it must go through.”

Pittman predicted that the actions of the financial sector over the last few weeks will lead to more solid, safe banking.

He said: “This is just a process of cleaning out the stable. After all of this we will end up with five or six strong UK banks. It will be a return to sound banking with vigorous competition between the banks, slugging it out together.”

Pittman criticised the Government’s actions over Northern Rock, saying its continuing new lending “distorts the market”. He said the Bradford & Bingley rescue was better run as it was in effect a commercial solution.

He says: “In the case of B&B, Santander took over the deposits and the debts will ultimately be paid by the banks. So this, in effect, was a private sector solution.

“Some banks have not been well run, they were chasing market share with 100 per cent mortgages. People will come to you if you offer these but it will come back to bite you. Too many chairmen and chief executives didn’t understand the business.”


29% Expect to live on state pension

Standard Life’s latest savings and investment index shows that consumers are still alarmingly misguided when it comes to saving for their retirement.

Clarification of Sipps needed

Leading IFA John Fox has called for the imminent clarification on the definition of Sipps, following the Government’s changes to protected rights today.


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