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Skipton sells Dealwise as big players dominate the sector

Jane Whittles (above) has been appointed principal ombudsman for the

Financial Ombudsman Service.

She joins the service from Oftel, where she has been director of

compliance for two years.

Whittles will take up her new position next month.

The Financial Ombudsman Service is being created as part of the Financial

Services and Markets Bill.

The new service will bring together the eight existing complaints&#39

handling sche-mes and will come into operation after the bill passes

through Parliament.

Skipton Building Society is selling share-dealing opera- tion Dealwise

for 82m in the face of competition from bigger players.

The UK subsidiary of Toronto Dominion Bank, TD Waterhouse Investor

Services, is buying the Leeds-based execution-only stockbroker, which

employs about 600 staff.

Skipton says the sector is increasingly dominated by bigger players who

can benefit from greater economies of scale. The society says the sale

represents its successful strategy of investing wisely in subsidiary

companies.

Dealwise&#39s strategy had been to provide low cost telephone-based share

dealing to Skipton clients as well as those of other financial services

companies.

The deal with TD Waterhouse makes Dealwise the biggest execution-only

stockbroker in the UK.

Skipton is trying to play down reports that members could get windfalls

when the deal is finalised at the end of May.

Head of corporate communications Mark Smitheringale says: “We will sit

down with all the suggestions on ways to use the proceeds. No decision has

been made but giving windfalls to members has not been ruled in or out.”

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