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Lloyds chief Daniels to retire

Lloyds Banking Group chief executive Eric Daniels is to retire in autumn next year.

Daniels was appointed chief executive of Lloyds TSB in 2003 and became chief executive of the bank after it bought HBOS in 2008.

Lloyds chairman Sir Win Bischoff says: “The successful integration of the two companies and the sooner than expected return to profitability of the enlarged Lloyds Banking Group are testament to Daniels’ disciplined and vigorous leadership during a time of unprecedented financial turmoil.”
The bank says it will form a committee led by Bischoff to find a replacement.

Oriel Securities analyst Mike Trippitt says Lloyds Banking Group head of retail banking Helen Weir is the most likely internal candidate. He adds that the board may also look to the Australian and Canadian banking systems for candidates, both of which successfully weathered the banking crisis.

First Active Finance head of communications Jonathan Cornell says financial advisers are hoping for a replacement that sees the benefit of the UK intermediary channel.


Lazard launch eyes emerging market growth

Lazard is setting up a growth-focused emerging markets fund positioned alongside its existing value-focused emerging markets fund at the end of this month. The fund will be managed by Kevin O’Hare and Peter Gillespie and will target companies with above-average levels of growth, trading on realistic valuations. It will hold 60-90 securities with a bias […]


LibDems launch £7bn tax avoidance crackdown

The Liberal Democrats have announced a £7bn crackdown on tax avoidance and evasion. The move was announced by Chief Secretary to the Treasury Danny Alexander in a speech at the party’s conference in Liverpool yesterday. Alexander said the £900m spent on the drive would lead to an extra £7bn a year being collected in tax […]


PFS Conference: Advice gap is a national issue

Incoming president of the Personal Finance Society Eddie Grant says the issue of consumers not undertaking any financial planning is an urgent issue which needs to be addressed. Grant was sworn in as PFS president at the body’s annual conference in Coventry today. He takes over the presidency from Mike Fosberry. At the handover Grant […]


Treasury select committee issues OBR demands

The Treasury select committee has formally demanded that the Office for Budget Responsibility have its independence enshrined in law, as the Government gears up to establish the organisation in statute later this year. The MP committee has called for the OBR to be responsible for appointing its own staff and required by law to be […]

Directors, limited liability partners and auto-enrolment

By Jim Grant, Senior Product Insight & Technical Support Analyst 6 April 2016 brought in changes to employer duties for directors and partners in limited liability partnerships. Here we explain exactly what’s changed. Before 6 April 2016… Directors of limited liability companies where there were no other directors or employees were exempt from the employer […]


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