View more on these topics

Northern Rock board were ready to quit two weeks before the run

All members of the Northern Rock board were willing to offer their resignation as early as August 30, it was revealed to the Treasury select committee.

Non-executive director Ian Gibson told the TSC that all members of the board were asked if they were willing to make their resignations available on August 30, if it helped a possible support offer, and all of them did.

He said their resignations were then considered again between September 14 and September 18- during the run on the bank- and both chairman Matt Ridley and chief executive Adam Applegarth said they would be happy to resign if required.

Gibson said shareholders were consulted and the overwhelming feeling was that resignations were a future issue to worry about and the main priority was to direct the bank through the crisis with the current staff on board.

Applegarth told MPs he believed there was nothing more he could do to have stopped the crisis and Northern Rock risk committee chairman Derek Wanless said that “no reasonable professional” could have foreseen the episode happening.

Applegarth laid blame with the Bank of England for not offering the lender of last resort facility option to a suitor before the run on the bank began. He said he believed this may have stopped the crisis from happening.


Personal Touch launches scheme for graduates

Personal Touch Financial Services has launched a two-year graduate training programme to be based at its head offices in the West Midlands.The initial phase of the two-year programme consists of six to eight months of placements in different departments throughout the company.PTFS says that during this initial phase the graduate employees will learn about the […]

Professional help

Helen Monks describes how IFAs can benefit from referring their clients to other fee earners such as solicitors and accountants


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm