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NatWest chief exec ousted

NatWest Bank chief executive Derek Wanless has been ousted from his post as part of a shake up in response to Bank of Scotland hostile £21bn takeover bid according to the BBC

He will be succeeded temporarily by the groups chairman David Rowland with Ron Sandler brought in a chief operating officer and director.

Sandler has previously worked with Rowland at Lloyds of London. Both are expected to play a key role in defending the bank against the hostile bid.

Wanless will remain with the group for the time being as a consultant in its battle with BoS.


Former IFA clients now able to make a claim says ICS

The Investors Compensation Scheme says customers of eleven former investment firms can now lodge formal applications for compensation.The firms involved are Bryanston Financial Services of Farnham, Surrey, Acorn Mortgage & Insurance Consultants of Walton on Thames, Surrey, White Knight of Bedminster, Bristol, Rossli Financial Services of London SW15, Kendall & Co Financial Services of Sheffield, […]

Financial services facing £250m VAT bill over temporary staff

The financial services sector could be left facing a £250m a year VAT bill for temporary staff under Government proposals for the recruitment industry reports the Financial Times.The proposals would see financial services firms hit by the massive bill as they would have to pay VAT on wages they pay temporary staff. At present they […]

Paragon issues warning over buy-to-let market

Paragon has issued a stark warning to potential buy-to-let borrowers over the criteria used by many lenders to grant loans.The specialist lender warns that many new borrowers are over reliant on rental income to cover the mortgage on their first investment property.It says many of these borrowers are at risk of default on their loans […]

Axa Sun Life reports 28 per cent jump in new business

Axa Sun Life has reported a 28 per cent leap in new group business for the first nine months of the year.The life office figures reveal a £94m jump in equivalent premium income to £434.8m from £340.8m over the same period last year.The increase in new business comes on the back of a massive increase […]

Sticking to valuation discipline when investing in China

Journalist Alexis Xydias discusses the opportunities – and potential pitfalls – of investing in China with Artemis fund manager Peter Saacke. With Peter holding significant positions in China in the Artemis funds he manages, journalist Alexis Xydias quizzes Peter on the risks of investing in Chinese stocks – including over-valuations, margin trading and financial reporting issues. Click here for video


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