View more on these topics

Northern Rock up for bids with hopes for £1bn sale

The Government has put Northern Rock up for sale, with reports suggesting the nationalised bank will be valued at £1bn.

Speaking during last week’s Mansion House address in London, Chancellor George Osborne said a sale was likely to generate “substantially the best value” for taxpayers.

He said: “On behalf of you, the taxpayer, I have decided to put Northern Rock up for sale.

“Any interested parties can bid for it, including mutuals, which this Government is actively committed to promoting.

“This does not mean that other options to return Northern Rock to the private sector have been ruled out.

“But the independent advice I have received is that a sale process is likely to generate substantially the best value for the taxpayer and should be explored as a first option.”

The Chancellor said Northern Rock Asset Management, the separate “bad bank”, will continue to be owned by the state as its assets are run down over time.

Recommended

Defaqto issues platform due diligence guide

Defaqto has published a guide to platforms which gives advisers six key areas to consider when conducting their due diligence. The firm says financial strength, cost and charges, range of tax wrappers, investment vehicles offered, ancillary services and standard of service offered should all be considered when choosing a platform. The guide contains a list […]

1

JP Morgan pays $154m to end US fraud case

JP Morgan Chase has agreed to pay $153.6m to resolve US civil fraud charges that it misled investors in a mortgage-related security for an Illinois-based hedge fund that was betting against the deal. The Securities and Exchange Commission claims JP Morgan failed to tell investors that Magnetar had a role in selecting the mortgages in […]

20

Government may scrap higher-rate pension tax relief

The Government is considering scrapping higher-rate pension tax relief, according to a report in the Sunday Telegraph. Scrapping higher-rate relief was advocated by the Liberal Democrats before the general election and was considered by the Government before it decided to cut the annual allowance from £255,000 to £50,000 instead. The report suggests Chancellor George Osborne […]

1

Trio join FSCS board

The FSA has appointed Liz Barclay, Jayne Nickalls and David Weymouth as non-executive directors of the Financial Services Compensation Scheme. Barclay, a journalist and broadcaster, has 25 years experience covering money and consumer issues, having worked for the Independent on Sunday, the BBC and Citizens Advice. Nickalls was the chief executive of Directgov for more […]

Craig Inches – thoughts on how to preserve capital and generate income in an inflationary environment

In this short video, Craig Inches, head of short rates and cash at Royal London Asset Management, offers his thoughts on how to preserve capital and generate income in an inflationary environment. Watch the video in full The value of investments and the income from them is not guaranteed and may go down as well […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com