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People on the move: Mortgages

Nottingham Building Society chief executive Ian Rowling is to retire as chief executive. No date is set for his departure but it will be no later than May 2011. Retail director David Marlow, who joined the board in 2006, will succeed Rowling subject to FSA approval.

HSBC chief executive Michael Geoghegan is set to quit at the end of the year after being overlooked for the vacant chairman’s role. Reports suggest the head of HSBC’s investment bank, Stuart Gulliver, will replace him.

Ulster Bank has appointed Steve Carruthers as head of intermediary mortgages. The ex-head of national accounts at NatWest Intermediary will be responsible for boosting Ulster Bank’s share of the intermediary mortgage market in Northern Ireland.

Cambridge Building Society has named Mark Smitherdale as its new head of sales, with an objective to grow the society’s mortgage, savings and investment sectors. Smitherdale has spent most of his 25 years in financial services at Skipton Building Society Group.

Brad Fordham has joined Abbey for Intermediaries as head of sales for telephony and service. He worked for Alliance & Leicester and Santander for 15 years, most recently as performance director for the retail mortgage division. He has also held roles in the bancassurance and branch network channels.

The Paragon Group has appointed Paul Clampin as its director of mortgage underwriting. Clampin was most recently country manager of UK and Northern Europe for Charteris Insurance, working with lenders to mitigate risk. He will be responsible for underwriting mortgages generated via the Paragon Mortgages brand. The specialist lender has also appointed Peter Shorthouse as director of treasury and structured finance.

Shorthouse, who was previously head of European securitisation as UBS, will spearhead Paragon’s residential mortgage-backed securities strategy.


Regulator denies UK will clash with EC on mortgage reform

The FSA believes the European Commission’s proposed changes to mortgage regulation will not impact on the regulator’s own plans for mortgage reform. The EC is currently consulting on a Europe-wide regulatory system aimed at improving the efficiency and competitiveness of the market. Several commentators have questioned the FSA’s insistence on continuing with the MMR while […]

CSR: Fidelity’s Greetham: The UK is not Greece

Fidelity director of asset allocation Trevor Greetham has said the UK is under less pressure from markets to cut Government spending than is commonly believed. Greetham says: “The UK is not Greece. A country with its own currency can devalue its exchange rate or print money to finance government spending. Ironically, public spending cuts could lead […]

Albion aiming to raise £15m across seven VCTs

Albion Ventures is trying to raise an extra £15m of new investment across its seven venture capital trust funds. The group says investors who buy in will participate in the targeted dividend streams across the portfolios of 5 per cent – which means income of 7 per cent once the tax relief associ-ated with VCT […]


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