View more on these topics

Tory IFA blasts Government over Northern Rock

Conservative parliamentary candidate and IFA Deborah Dunleavy has slammed the Government over its handling of the Northern Rock crisis.

She says the Government passed responsibility for monitoring to the FSA, which failed to spot the building crisis.

Dunleavy, who is to stand as a Conservative candidate for Bolton North East at the next election, says the Chancellor’s late intervention was purely politically motivated, drawing parallels with last year’s Farepak meltdown where the Government did not intervene.

She says the Government is now left with the three “poor” choices of either nationalising Northern Rock or selling at an undervalued price, both costing the taxpayer “billions”, or letting it go bust.

She says: “The Government’s handling of the Northern Rock crisis has been a disgrace. This situation should never have arisen. The FSA should have identified it before it happened. The financial services industry has suffered with compliance for years and yet here they are caught cat-napping when it really matters.”

Recommended

Dunedin turns up GAS for regional growth

Dunedin says it will use its investment in Gissings Advisory Services as a platform for regional growth.The private equity company backed an £18m management buyout at GAS this month, its sixth acquisition in the financial services sector. GAS provides corporate advice on flexible benefits, private medical insurance, life insurance, permanent health insurance and occupational health.Dunedin […]

Merger could be on the cards for protection pair

Protection firms Bright Grey and Scottish Provident could be merged after Royal London takes over ScotProv.Commentators consider that keeping the two brands independent is not a feasible option over the long term.Highclere Financial Services Alan Lakey says: “Running the two side by side cannot be a permanent thing unless they can distinguish themselves, otherwise they […]

Advisers’ relieved at Pearl winning Resolution battle

Advisers are welcoming the news that the Board of Resolution has recommended Pearl’s takeover offer to its shareholders, saying they had concerns over a deal with the other contenders.Richard Jacobs Pensions & Trustee Services director Richard Jacobs says he is glad that Friends Provident and Standard Life did not win the battle for Resolution because […]

F&C loses management duo

F&C has been hit with a double blow after fund managers Luke Newman and Makis Kaketsis quit the firm to join a global hedge fund group.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment