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igroup managing director resigns

Sub-prime lender igroup has lost its managing director David Johnson, according to industry sources. It is understood that Johnson resigned last Wednesday but the lender says it will not comment on market speculation or rumour. Sources say Johnson&#39s leaving is likely to be part of an agreement made at the time igroup was acquired by GE Capital in May 2001. The latest departure follows on from igroup chief executive Joseph Dlutowski being replaced by Colin Sanders, who was previously chief operating officer, in February this year.

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&#39Top five firms to take 70% of life and pensions&#39

The top five players in the life and pension market will increase their market share over the next five years to 70 per cent from the present 50 per cent, according to consultancy Oliver Wyman& Company.The top five providers are likely to change from the current composition because of accelerated consolidation in the marketplace, says […]

Opas calls for rethink on MFR

The Pensions Advisory Service is calling for the replacement of the minimum funding requirement, arguing that it fails to cover members&#39 liabilities and equal protection to members when schemes are wound up.Speaking at the Pensions in Crisis conference in London this week, Opas chief executive Malcolm McLean said the increasing number of closures of funds […]

Abbey review to cut cost base

Abbey National is conducting a no-holds barred cost review amid industry speculation that it plans to cut 3,000 jobs and outsource its admin and processing overseas.An industry source says Abbey is going to outsource big parts of its back-office functions offshore because of the increasing cost constraints of the UK market and to take advantage […]

Move to cities makes it tough for first-timers

People moving to cities in the UK are finding it increasingly difficult to get on to the first rung of the housing market ladder, according to the Economic and Social Research Council.The research found that the combined effect of the rapid growth in homeownership over the last 20 years and more people moving to urban […]

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