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Govt defeated in House of Lords over Rock bill

The Government has been defeated in the House of Lords over parts of the bill to nationalise Northern Rock.

The Lords voted for an independent audit of the bank’s accounts within three months, followed by annual checks, after it was revealed the Government was not planning to include the Granite fund, which holds 40 per cent of the bank’s best assets, in nationalisation.

The Lords voted against exempting the bank from the Freedom of Information Act. The Government defended its plans to exclude the bank, while all other publicly owned companies are subject to FOI enquires, claiming it would put it at a disadvantage to other banks.

The Lords also agreed the stricken bank should be subject to regular assessments by the Office of Fair Trading to ensure Government backing did not give Northern Rock a competitive advantage over other banks.

Liberal Democrat Treasury Spokesperson Lord Matthew Oakeshott said: “Taxpayers must know the full picture at Northern Rock, including Granite and the £8bn of dodgy unsecured loans. Making Northern Rock subject to freedom of information requests will stop any Treasury cover-up. Why shouldn’t taxpayers know if Northern Rock bosses get massive bonuses or golden goodbye payments?”


Rogue stockbroker jailed for 350k thefts

An unauthorised stockbro-ker has been sentenced to 15 months in prison for offen-ces of dishonesty, including theft, following a prosecution brought by the FSA.William Anthony “Robin” Radclyffe, of Salisbury, pleaded guilty at London’s Central Criminal Court to 15 offences under the Theft Acts, the Financial Services Act 1986 and Financial Services and Markets Act 2000, […]

Marketing chief quits New Star

New Star marketing director Rob Page has resigned. He had been on sabbatical since December but has now resigned due to personal reasons. His position will be filled by Richard Wilson.

Former Skandia head Jim Roberts joins Sarasin & Partners

Sarasin & Partners has appointed former Skandia group investment director Jim Roberts as the group’s non-executive director.Roberts, who was also chairman of Skandia investment management, will look to build on Sarasin & Partners drive into the mainstream UK wholesale market.Sarasin & Partners managing director Guy Monson says: “We are very pleased to have attracted Jim […]

Stop the cold-calling

Royal London is pleased to support the petition calling for a ban on cold-calling for pension and investment products. The petition, launched by IFA Darren Cooke of Red Circle Financial Planning and hosted on the Parliamentary website, calls on the Government to ban cold-calling for pensions and investment products. A similar ban is already in force […]


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