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FSA forms internal Northern Rock team

The FSA has formed a team of nine internal staff to implement its recommendations for Northern Rock, following the regulator’s investigations last month.

The team, lead by head of supervision for small mortgage firms and credit unions Mandy Spink, will have a month to develop detailed plans for the bank and a year to implement them.

During the twelve-month period all nine will be relieved of their normal duties.

The regulator has confirmed reports that internal moral dropped after responsibility for Northern Rock was placed on the retail division, but says it is working to improve the situation.

An FSA spokeswoman says: “Hector Sants is conducting floor-by-floor briefings, which are going down well with our staff.”


EC poised to give GPP auto-enrolment the go-ahead

The European Commission looks set to agree that employees can be auto-enrolled into group personal pensions when personal accounts are introduced in 2012. Money Marketing understands that the EC has already informally agreed that this can go ahead but that written confirmation is yet to be received by the Department for Work and Pensions. When […]

Budget summary – March 2016

This week’s Budget looked as if it would be a difficult one for the Chancellor, with disappointing economic numbers and the need to avoid ruffling feathers ahead of June’s in/out referendum. Nevertheless, Mr Osborne did spring a few surprises, including some tax reductions. So how does this budget affect you? If you are – or […]


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