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Lords win changes

The Government secured the passage through Parliament of the emergency bill to nationalise Northern Rock after making some concessions to peers.

After clearing the Commons, the Banking (Special Provisions) Bill was defeated three times by the Lords but peers backed down after a number of concessions were made by the Government.

The Government committed to publish a regular business strategy for the firm tofollow and to publish a framework agreement setting out the relationship between it andthe board of Northern Rock. A compromise was also reached whereby the Office of Fair Trading will report on the effect the nationalised Northern Rock is having on the industry.

Opposition calls for Nor-thern Rock to fall under the remit of the Freedom of Inf-ormation Act were rejected by the Government. Conservative Shadow Chancellor George Osborne says: “These are important retreats over key areas from Alistair Darling. We will continue to press for Freedom of Information so that the public know what they are buying.”


The RDR effect

There have been no shortage of headlines about the FSA’s Retail Distribution Review.

Aifa liability advice for retired IFAs

The Association of Independent Financial Advisers has set up a new service for retired IFAs who are still liable for advice they gave to clients.Aifa says retired advisers or those who have moved within the industry need to be aware of their liabilities, responsibilities and legal position.The service will send factsheets on complaints and the […]

Tories set to champion green Isas

Shadow chancellor George Osborne will today propose an extension for Isa investments in green companies in a bid to raise awareness over climate change.The new green Isas – or GIsas – will become part of the chancellors Save for the Planet campaign with firms who actively look to lower their carbon footprint given a green […]

Aviva extends advocate deadline

Aviva has extended until early March the deadline for policyholder advocate Clare Spottiswoode can respond to its offer to buy out the eligible with-profits policyholders interest in its5bn inherited estate.


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