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Kane makes it plain

If anyone was under the misapprehension that Scottish Widows had been put under the command of a mealy-mouthed faceless banking man, think again.

The new chief executive Archie Kane does not mince his words. With-profits will diminish still further. The FSA is actively seeking to corral IFAs into bigger groups – an accusation often made, but not by chief executives of life offices – maybe IFAs were not being paranoid. Standard will need to replace its senior management as it moves to a plc but is likely to stay in the fop five or six. The Government is damaging competition through price caps. And realistic reporting will not provide meaningful comparisons of financial strength, at least not yet.

Well, there&#39s some food for thought.Whatever happenied to the cautious welcome of the latest hare-brained Government or regulatory initiative? We do not agree with all the new Widows&#39 chief says but some much needed plain speaking has been injected into the whole financial services debate. Kane&#39s honesty can only be applauded.


Bogard quits as Chase de Vere chief

Mark Bogard has resigned as managing director of Chase de Vere Financial Solutions. Bogard joined the group after its acquisition of financial website Moneyextra and oversaw the merger of IFAs MX Financial Solutions and Chase de Vere Investments in March last year. Parent company Bank of Ireland pushed through the merger in May. The shake-up […]

Give shares and receive tax relief

The Giving Campaign is urging IFAs to tell clients how they can make charitable donations on a tax-efficient basis. New NOP research indicates that a quarter of financial advisers are consulting clients on charitable donations, up from 18 per cent in 2001. But only 29 per cent are discussing share giving. The campaign says share […]

Next caters for principal seekers

Next Generation Mortgages is set to cater for intermediaries seeking direct authorisation. NGM is hoping to sign up 150 brokers and IFAs with a desire to become principals to its proposition which will feature 18 components. Intermediaries keen to sign up to NGM will be required to submit two specialist mortgage cases via the lender […]

Woolwich and Barclays link to offer guaranteed lifetime tracker loan

Woolwich and Barclays will be jointly offering a guaranteed lifetime tracker mortgage by the end of the month. The loan will allow borrowers to track the base rate plus 0.04 per cent for two years and then change to a guaranteed lifetime tracker of 0.95 per cent above the rate. Monthly payments on a 25-year […]


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