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No early Xmas for BoS

Bank of Scotland&#39s Christmas wish to complete its bid for National Westminster Bank will not be granted.

The new timetable for the hostile takeover attempt will go beyond the original December 17 closing date. The new date will not be known until rival bidder Royal Bank of Scotland posts its formal offer document.

Some BoS advisers had looked at forcing an early decision on its offer before the uncertainty over whether the government will allow RBS&#39s bid to go ahead has been lifted.

BoS received a further blow yesterday when Natwest questioned whether BoS had properly assessed both the difficulty of merging the two banks&#39 IT systems and the possibility of losing customers in the takeover aftermath.


Mortgage brokers face electronic regulators

Mortgage brokers will face electronic checking under new proposals by the Financial Services Authority.The FSA is considering linking its computer system with those of larger mortgage brokers. This means data can be transferred to the FSA&#39s head office for compliance checking.The move comes ahead of the government&#39s decision on whether to switch from voluntary to […]

FSA lays down law for directors

The Financial Services Authority is setting out proposals to ensure directors have clearly defined responsibilities, making them more accountable to their staff.Senior managers are expected to be held directly responsible for compliance and regulatory requirements. The plans should become law next year.

Almost all firms fail regulator&#39s test

About 99 per cent of financial services companies fail to meet all regulatory standards, according to a new survey by the Financial Services Authority.The survey looked at routine visits over the last five years and found only 1 per cent of companies were fully compliant while 99 per cent were ordered to make changes by […]

Barclays injects cash into broker arm

Barclays is planning to inject millions of pounds into its squeezed stock broking arm Barclays Stockbrokers.The cash injection follows the unprecedented surge in share dealings by private investors from 250,000 to 400,000 in two months. Its hoped the boost will enable the quadrupling of Barclays Stockbrokers internet dealing capacity.The expansion plan is urgently needed to […]

The Day of (B)reckoning

A period of exceptional uncertainty started last Friday for the UK, including a fierce leadership battle in a deeply divided Conservative party, the timing of the trigger of the EU’s Article 50, as well as a potential referendum in Scotland, and Northern Ireland. Click here to read the full article


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