Former Gartmore chairman and the Treasury's favourite reviewer Paul Myners has been named as the interim chairman of Marks & Spencer following a board shake-up which sees chief executive Richard Holmes also replaced. Myners, who already sits on the retailer's board as a non-executive director, now becomes a key member of its so-called 'dream-team,' alongside new chief executive Stuart Rose, which is preparing to resist the take-over ambitions of Arcadia owner Philip Green.
Former Brewin Dolphin head of split caps David Thomas is appealing an FSA decision blocking his attempt to come out of retirement by refusing to authorise him. Thomas, said to have developed the modern split-cap structure, is appearing before the Financial Services & Markets Tribunal between June 22 and 25.
Standard Life says it is working closely with the ABI and the Council of Mortgage Lenders to develop a process where endowment compensation is paid directly to the lender. The company says the discussions are still in the very early stages but it is keen to consider the issue in detail as it says that […]
Type: Tracker mortgage Tracker term: Lifetime of loan Tracker rate: 1.35% above Bank of England base rate Payable rate: 6.5% Minimum loan: £25,001 Maximum loan: Up to 85% of valuation subject to a maximum of £500,000, up to 80% of valuation subject to a maximum of £800.000, up to 75% of valuation subject to a […]
Sofa managing director Bob Bullivant says the annuity market will shrink by more than a quarter to £5bn from its current level of £7bn when pension simplification takes effect in April 2006. He says the sector will be squeezed at the top and bottom, with the raising of the trivial commutation limit cutting out thousands […]
The manager of the Artemis UK Smaller Companies Fund explains how his stock-picks have beaten a benchmark which is holding up better than most. To watch the video click here
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Concerns have been raised about the independence of two directors at Neil Woodford’s £855m Patient Capital Trust after a report in The Times reveals they have jobs at companies in which the fund owns a stake. According to The Times, Patient Capital Trust chairwoman Susan Searle is also deputy chairwoman of Mercia Technologies, a quoted […]
Lloyds Banking Group’s pre-tax profits have jumped 23 per cent to hit £1.6bn for the quarter, latest results show. For the three months to the end of March, the bank has reported net income of £4,3bn, up 4 per cent year on year, as Lloyds sounded a bullish note on the prospects for the UK […]
Metro Bank’s chairman Vernon Hill has been re-elected despite opposition from activist shareholders such as Royal London. Hill has received criticism from a number of major shareholders over payments to his wife’s company Interarch totalling £21m since Metro Bank’s inception in 2010. The board at Commerce Bank previously ousted Hill from his former role at […]