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Leading city banker criticises FSA

The FSA has met its most important foe yet with one of the leading banking figures in the city publicly criticising its legislation.

Sir Evelyn de Rothschild, head of investment bank NM Rothschild, is calling on the city to “stir itself” the Financial Times reports today.

He is worried about the FSA&#39s ability to intervene in the takeover panel, the body that polices hostile takeovers through a semi-voluntary code.

Sir Evelyn says “As far as I can see, the FSA has advanced no compelling reasons for the proposed extensions to its already significant armoury of powers.”


Standard defends fall in loan market share

Standard Life Bank is hitting back at criticism that its share of the mortgage market has slumped during a time of staff upheaval.Standard Life took a 17 per cent share of the mortgage market last springbut the bank&#39s share now stands at 9 per cent.The fall comes just months after former managing director Jim Spowart […]

L&G offers annuity split

Legal & General is offering more pension flexibility with its with-profitsannuity.Customers can split their pension fund between the company&#39s with-profitsplan and a conventional annuity.The minimum purchase price for the with-profits annuity is £1,000.Unlike Standard Life&#39s recently launched product, which allows clients tochange their anticipated bonus rate during the course of the plan, L&Gclients must choose […]

Surplus to requirements

I am the owner/director of a small company and am in my early 50s.I have had a small self-administered scheme for around 15 years.As a result of some hefty contributions in the early years when businesswas good, it is worth around £500,000, including the company premises andsome loans to my company.However, business has been poor […]

Powerful Pru backs fight for polarisation

More and more players are lining up behind Aifa to defend polarisation intheir submissions to the FSA consultation.The Prudential group has backed the full status quo while pointing outthat, with Prudential, Scottish Amicable, fund manager M&G and directonline provider Egg, it covers the full range of financial servicesdistribution.Although hardly a surprise, both IFA Promotion and […]


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