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Rob Clifford quits Virgin Money

Virgin Money’s UK managing director Rob Clifford has left the business due to the burden on his family life of travelling between the firm’s nationwide offices.

Clifford left the firm on Friday and is now on gardening leave, but Virgin says the departure does not impact on its plans to enter the mortgage market.

Virgin has yet to decide on a replacement for Clifford, who joined in December from broker franchise business Mortgageforce and was set to develop a mortgage proposition for the firm.

Clifford reported to UK chief executive Jayne-Anne Gadhia and worked across Virgin’s credit card, protection and investment propositions.

A spokesman for Virgin says: “Rob has a young family in Derby and felt that he had underestimated the burden on his family life of commuting between his home and Virgin’s offices in London, Norwich and Edinburgh.”


The pace race

I have been reading some interesting statistics on investment management, courtesy of the Securities & Investment Institute. The latest edition of the SII’s Investment Management Review shows the total amount of money in financial assets worldwide at the end of 2006 (the latest figures available) was $167trn – a staggering figure. This statistic comes from McKinsey & Co but the SII trawls data from a range of sources.

Educate, don’t regulate

Last time out, I suggested here that retail financial services regulation should be wound down and the money saved be spent educating consumers.


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