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's 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.
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 […]
The Pensions Advisory Service is calling for the replacement of the minimum funding requirement, arguing that it fails to cover members' 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 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 […]
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 […]
“There is a serious risk of unhappy times if a full-scale trade war breaks out. If that happened it would make Brexit look like a walk in the park”, says Loomis Sayles chief economist Brian Horrigan. Click here to read the full article
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Technology firm FNZ has invested in robo-adviser Advicefront, which is also backed by other leading financial planning figures. FNZ today announced it has completed a strategic investment in the company. Advicefront, which is an automated advice platform, started in 2015 and its original investors include former Bloomsbury Financial Planning principal Jason Butler, Tilney investment director […]
The FCA has raised the prospect of further sanctions over advice to transfer out of the British Steel Pension Scheme as consumers could be in line for compensation payments. Giving evidence to MPs on the work and pensions select committee, FCA supervision director Megan Butler said that while the regulator had so far acted to […]
The global economy currently appears “just right” but how long can that continue?