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Higgins leaving HBOS in shake-up

HBOS retail chief executive Benny Higgins is leaving the bank as part of a management restructure just weeks after the group saw a dive in its first-half profits.

The firm says Higgins, recruited from Royal Bank of Scotland last year, will leave at the end of the year.

The shake-up sees HBOS chief executive of insurance and investment Jo Dawson add retail distribution to her responsibilities. Group risk director Dan Watkins joins the board as chief executive for retail products.

Aon UK chief operating officer Philip Gore-Randall is to join the board next month as chief operating officer. Former group finance director Mike Ellis is rejoining to resume his res-ponsibilities as finance director following Phil Hodkinson’s decision to retire.

HBOS saw its net market share for the half-year slump to 8 per cent from 21 per cent in the first six months of 2006, which it blames on an unsuccessful repricing.

Robert Sterling managing director Kevin Duffy says: “I think it is entirely related to what happened with HBOS results. It is sad but it is representative of plc corporate life.”


Split decisions

Advisers should be worrying more about market segmentation than commission and fees

C&G puts focus on 100% loans

Cheltenham & Gloucester is set to focus on developing its 100 per cent and buy-to-let propositions after announcing last week that it will be moving broker support to a centralised location.The firm is also axing 31 of its 195 branches in November, affecting 315 staff.The structural changes also mean that C&G is cutting its business […]

GMAC-RFC latest lender to re-price sub-prime product range

GMAC-RFC has become the latest sub-prime lender to re-price its product range in the wake of the US sub-prime crisis.This follows the announcement by Mortgages plc that it will re-price its product range to reflect the recent widening of funding costs in the capital markets. Edeus has also confirmed it will be re-pricing this week.GMAC-RFC […]

More players on the field

There is no denying the success of fund of fund and manager of manager structures, from groups with long-standing offerings such as Jupiter, New Star, Cazenove, Fidelity and Credit Suisse, to relative newcomers such as North, Resolution and Thames River. Some groups have chosen to try a single fund formation using the same approach, such […]

Image courtesy of Stuart Miles at

Pension freedom: wish you were here?

Out there lies a warm ocean of desert islands, sun, sand and palm trees, where individuals can choose how and when to tax-efficiently access their pension fund and realise the retirement dreams they have worked so hard for.


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