View more on these topics

Pensions Bank – correction

In an article entitled “Pensions Bank in last-ditch talks to avoid collapse” (December 14) we incorrectly stated that one of the proposed purchasers of Pensions Bank was the University of Cambridge when it is in fact Trinity Hall, an independent Cambridge University college. Law Debenture Trust Corporation (LDTC) and not Vladimir Antonov is the “sole shareholder” of Pensions Bank. LDTC is a company holding shares as nominee for Antonov, who is the sole ultimate beneficial owner of the shares.

The tone of the article may have created the false impression Pensions Bank was belatedly taking steps to find a buyer in order to avoid failure.  In its recent auditor’s report, it was stated that on August 1, 2011 the sale of the Bank was agreed subject to regulatory approval from the FSA.  It noted that if the sale were not to go ahead the bank would likely discharge its liabilities in full and then cease to carry out business because it would be unlikely to meet future regulatory capital requirements.  The bank has informed us that its buyers are currently progressing well with the usual FSA approval process for a change in control and are aiming for approval in early 2012. It  has also advised us that there is therefore  currently no intention to cease to carry on banking business,  but if it were to decide to do so then there would be an orderly and controlled transfer or repayment of all its customers’ deposits in full. We are happy to set the record straight and apologise for any confusion caused.



Cicutti: Is independent title worth saving?

What’s in a name? For as long as I have covered the financial services industry as a journalist, one of the proudest boasts of many of its participants has been that they are independent financial advisers as opposed to tied agents or life insurance sales people. IFAs who have spoken to me over the years […]


IFAs urged to beware of unnecessary trust tax charges

IFAs have been urged to ensure they do not unintentionally expose their clients to unnecessary trust tax charges. The Asset Protection Strategy is warning that a failure to set up trusts properly could lead to potentially punitive “periodic” and “exit” tax charges. APS says, under what is known as the Rysaffe principle, where the sum […]


John Simmonds leaves Bluefin

Bluefin Wealth Management and Bluefin Corporate Consulting chairman John Simmonds has left the Axa-owned advisory business to pursue other interests. Simmonds took over as chief executive of Thinc Group from Simon Chamberlain in August 2007 before it was rebranded as Bluefin in January 2009. He was replaced as Bluefin Advisory Services chief executive last March […]

Lenders may opt for direct route

The FSA predicts lenders will be incentivised to use direct-only distribution channels following implementation of the mortgage market review. In the final MMR consultation paper, the regulator proposes to make lenders responsible for affordability assessments and verifying income and says this could lead to the balance shifting in favour of direct deals. The latest consultation […]

Trusts and Taxations

Take a look at the trusts and trustee taxation video – The definition and classification of trusts. Once you’ve viewed the boxset, visit our Test Centre to test your learning and get your CPD certificate. View here


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