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Rock plans breach EU competition law, says City lawyer

Nationalising Northern Rock will breach EU competition law, says a leading City law firm.

Rosenblatt Solicitors head of financial services Nigel Frudd says the deal distorts competition.

Frudd says the Government’s “retrograde” decision is inconsistent with EU subsidy regulations and provides Northern Rock with a guarantee that cannot be matched by other banks.

He says it could indirectly cause the opposite effect to that which the Government intended – another run on the UK banking system.

Frudd says: “The major banks are desperate to collect deposits for capital adequacy reasons and you can see this in the rates they are offering in the high street.  A major shift to Northern Rock could make the banking system vulnerable.
“It also begs a couple of other questions.  Why should anyone have deposits with any other bank other than Northern Rock as it is guaranteed by HM Treasury and, thus, why save with National Savings and Investments?”


Adapt to thrive

Truestone Asset Management embraced the wrap concept in 2007 by adopting and adapting the Standard life platform to create the Truestone Investment Portal.The payback from the portal was always seen as being long term but it is becoming clear this has been a win-win development for the business and for clients.For the business, it is […]

Draw on experience

Who is income drawdown most suitable for?Tom McPhail: Anyone who can tolerate investment risk – capital and income fluctuations – in retirement and who is prepared to accept a suitable level of equity exposure in pursuitof investment returns.Ideally, they should be willing to pay for adviceor be sufficiently financially literate to take on responsibility for […]

New Star pumps cash into property shares

New Star is to make a multi-million pound investment in property shares after selling at a loss its biggest holding in its £1.5bn UK property fund, the London headquarters of Commerzbank.Chief executive of prop-erty fund management Roger Dossett believes real estate shares are flattening out after an over-correction in the market at the end of […]

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The past six months have wroughtbig changes in behaviour across lenders, brokers and consumers.Some common trends are emerging among balance-sheet players. Margins have widened as supply has contracted andthere are signs that an intermediary market long-famed for its competitivenesshas become devoid of innovation.

What triggers the MPAA?

Jim Grant – Senior Product Insight & Technical Support Analyst There’s sometimes confusion around what triggers the money purchase annual allowance. Find out what does and what doesn’t trigger the MPAA. The money purchase annual allowance (MPAA) is a reduced annual allowance that can apply to contributions to defined contribution (DC) schemes. The following table […]


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