View more on these topics

Govt in talks with Abu Dhabi over RBS sale

The Government is reportedly in talks with Abu Dhabi sovereign wealth funds about selling part of its stake in Royal Bank of Scotland.

According to a report by the BBC, the Government, which controls 82 per cent of the bank, has been negotiating with Abu Dhabi sovereign wealth funds for months.

The report states the Government could sell up to a third of its stake to Abu Dhabi, one of the seven states of the United Arab Emirates.

It also suggests the sale is likely to be loss-making, as RBS shares currently trade at much less than the 50p the Government paid in 2008. RBS shares currently trade at 27p, meaning taxpayers could suffer losses of around £1bn for every £1bn paid by the Government.

In 2008-09, the Government bailed-out RBS with £45.4bn of taxpayers’ money, to prevent it from collapsing following its near-ruinous acquisition of ABN Amro.



Nest: automatic pension transfers could hike member costs

Nest has warned the Government allowing automatic transfers of pension pots when people move jobs will increase member costs and reduce overall pension saving. In December, the Department for Work and Pensions issued a consultation outlining possible reforms to help people consolidate small pension funds. Options range from small changes to encourage transfers to an […]

Shaughnessy quits Fidelity to become Zurich chief

Fidelity managing director, UK defined contribution and retail business Gary Shaughnessy is to join Zurich as chief executive for its UK life business. Shaughnessy will join the firm in June and will report to Zurich global life in Europe CEO David Sims. Sims has been interim CEO for Zurich’s UK life business since Michael Brennan […]


Lifesearch: We must stamp out dodgy distributors

There has been a recurring theme in the consumer press in recent weeks – cheap premiums, especially for life insurance, are coming to an end. As life insurance is the overwhelming protection focus of the public, I will concentrate on that area. The price of a life insurance policy is at a historic low and […]

Friends Life reports increase in profits

Friends Life reported a pre-tax IFRS operating profit of £722m in 2011, up 149 per cent from £290m in 2010. The provider’s annual results, published today, say the pre-tax operating profit benefited from the increased scale of the UK business, as well as “actions taken to release negative reserves”. Resolution acquired Friends Provident in November […]

How QE is distorting the gilt market

By Mike Riddell The moves in gilts in August were truly exceptional. Volatility in the gilt market (based off 10-year gilt futures) has soared to close to the highest levels seen this millennium, on a par with the eurozone debt crisis of 2011/12 and behind only the global financial crisis of 2008/09. The first distortion […]


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