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Tories call for urgent banking reform and pledge co-operation with Treasury

The Conservatives have written to Chancellor Alistair Darling offering their co-operation with any urgent action taken to reform banking regulation in the aftermath of the Northern Rock affair.

In the letter sent to Darling today, Shadow Chancellor George Osborne said it is an urgent priority to reform the current banking regulations as suggested by Bank of England governor Mervyn King at a Treasury select committee meeting this morning.

Osborne said action was required as soon as Parliament returns in October and called on Darling to make a full statement on what he plans to do in the next few days.

King told the TSC the problems at Northern Rock stem from legislative obstacles, such as the Market Abuses Directive, UK takeover rules and the procedures affecting banks going into administration.

King said these issues should not be made political and called on cross-party support for the changes.

The letter says: “I believe that the necessary legislation must be passed as quickly as is reasonably possible through Parliament.

“This should happen as soon as Parliament returns in October so that we can replace verbal promise you gave on Monday with solid statutory arrangements that ensure the stability of Britain’s financial system.

“My front bench team and I are therefore ready to open discussions with you and your colleagues immediately to put these reforms in place.”


Cameron supports BoE and FSA’s action on Northern Rock but urges more transparency

Conservative Party leader David Cameron says he fully supports the way the Bank of England and the FSA have handled the Northern Rock funding crisis but says there are important questions which need answering.Speaking at a KPMG event this week, Cameron said the immediate priority was to reassure investors about the safety of their deposits […]

Mortgage lending fell by 6 per cent in August

Gross mortage lending by banks, building societies and specialist lenders fell by 6 per cent in August compared with July, according to the Council of Mortgage Lenders.Lending has fallen from £34.1bn in July to an estimated £32.2bn in August. The CML says these figures relate to a period when the current wholesale funding pressures in […]

PSigma sets up Euro income

PSigma is to launch a European equity income fund to be run by investment boutique 2CG founders Charles Glasse and Chris Garsten.The fund will be a mirror of the Dublin-domiciled 2CG fund run by Glasse and Garsten and will invest predominantly in large caps. The fund is set for an autumn launch, subject to regulatory […]

Johnson Fleming is a finalist at UK Pensions Awards 2016

The UK Pensions Awards shine the light on excellence and recognise the advisers, providers and investment managers that offer the highest level of innovation, performance and service to occupational pension schemes and their members. This year’s awards looked at advisers and providers across 31 different categories and were rigorously judged by a panel of senior […]


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