View more on these topics

Santander chief set to replace Arnold at Abbey

Grupo Santander chief financial officer Francesco Gomez-Roldan is set to replace Luqman Arnold as chief executive of Abbey once the acquisition is approved by the FSA.

The appointment of Gomez-Roldan is expected to take effect from November 15 subject to FSA approval on November 12. Arnold will continue to work with Santander as a senior adviser on general issues while Lord Terry Burns will stay as chairman of the Abbey board of directors. Arnold has been Abbey chief executive since 2002.

Arnold&#39s departure has met with mixed reaction from IFAs, who say he had started to turn Abbey round but it is still not seen as IFA-friendly.

Abbey is withdrawing its Flexible Plus Tracker, Deal for Life and Reward mortgage products before M-Day due to complications with IT systems.

One of Grupo Santander&#39s objectives is to improve technology and rationalise back-office operations.

Abbey head of media relations Christina Mills says: “The appointment was fully endorsed by Luqman Arnold and Terry Burns, who agree someone is needed on the ground who understands the direction of the new group.”

Chadney Bulgin partner Tom Chadney says: “As far as we are concerned, Abbey had disappeared from the radar as an IFA friend. Arnold had begun to successfully repair the relationship with IFAs. We will have to wait and see if the new chief executive can continue this relationship.”

Hamptons International Mortgages adviser Jonathan Cornell says: “Arnold tried to build Abbey for Intermediaries into a proposition. It would be a shame if all this work is lost.”


Selestia agrees tie-up with Quay Software

Selestia has agreed a tie-up with Quay Software enabling the latter&#39s IFA users to import details of their client&#39s fund holdings direct into their back office. This works with Quay&#39s Client Care Desktop back office system and follows on from similar partnerships between Selestia and 1st Software, Fairs and Wealth Management Software.

Confidence in BTL still high despite rate rises

Landlords still have confidence in the buy-to-let property market despite slowing house prices and an increase in the cost of borrowing, according to research by Mortgage Trust. The research, based on 350 replies from residential landlords, found that 90 per cent would not consider selling their investment property because of rising interest rates. Forty-nine per […]

Fund looks to capitalise on rising commodities prices

One of the first UK funds to offer direct exposure to commodities has been launched by Dawnay Day Quantum. The protected commodities accelerator runs for four years and gives full capital protection. It has a minimum investment of £15,000 for retail investors, who can gear their holding by 1.6 times their original investment. The investment […]

Intelligent Money offers new range of funds

Intelligent Money has launched a range of 100 per cent capital secured investment funds.The funds offer wither a fixed return, out-performance of the FTSE and a residential property fund with 100 per cent capital security.All the funds are available within Maxi Isas and Peps (for transfers).The funds will be available from 9 December unless they […]

Graphic content – December; the countries most exposed to a rise in protectionism

President-elect Trump has suggested withdrawing from the North American Free Trade Agreement (NAFTA) and ending negotiations over the Trans-Pacific Partnership (TPP), albeit there is considerable uncertainty over what he will, or even can, do. If one of the main consequences of the election of Donald Trump is US protectionism, it’s worth considering who stands to […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment