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FTSE 100 rebounds 5 per cent

The FTSE 100 has lifted by over 200 points, rising to 4,311 in early trades this morning following a pledge by the government to bolster the UK banking system.

The British government will inject £37bn of funding into Royal Bank of Scotland, Lloyds and HBOS in an attempt to prop up the country’s banking sector.

It has agreed to buy around £5bn of preference shares in Royal Bank of Scotland and underwrite a share sale for a further £15bn. £17bn is being pumped into HBOS and Lloyds TSB upon completion of their merger and Barclays is to raise £6bn through private capital raising.

RBS also confirmed that chief executive Fred Goodwin and chairman Tom McKillop will be leaving the company.

Banking stocks were amongst the big risers with Royal Bank of Scotland and Barclays both up 10 per cent to 209p and 230p per share respectively.

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IMLA supports £37bn rescue package

The Intermediate Mortgage Lenders Association executive director Peter Williams has welcomed the Government’s dramatic £37bn rescue package of British banks.

Just cause

In a recent study, my organisation identified that the potential market capitalisation of advisers in the retirement market over the next 10 years could be as much as £7.5bn. Given this is many times the entire market capitalisation of the quoted UK IFA sector, it is fair to say this area represents the largest single opportunity for the adviser community today.

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