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Vow to protect taxpayer cash

Chancellor Alistair Darling says he will veto offers that fail to safeguard taxpayer-funded loans made to Northern Rock.

Private equity firm JC Flowers has tabled an offer understood to include a nominal offer for the firm and a guarantee to repay its £25bn in emergency funding and £1bn to support new business growth.

In Parliament on Monday, Darling said it would be wrong to dismiss any proposal without proper consideration but he “fully expects to get back” money lent by the Bank of England.

Virgin is looking to acquire Northern Rock and repay £10bn of borrowing immediately and the rest later via a funding syndicate and Olivant led by former Abbey chief executive Luqman Arnold. He wants to take a stake but bring in his own management team. US private equity firm Cerberus has ruled out a bid. It is believed to have been put off by market turmoil and credit-related losses at GMAC in the US in which it has a 51 per cent stake.

Dutch bank ING is expected to outline proposals this week.


Transfer backlog took three years

An adviser has attacked Axa after it took nearly three years to inform him of a transfer of client funds.Tinsdale Investment Management principal Nigel Tinsdale says he was startled when he got a letter on November 9, over a Sun Life unit services personal pension plan, telling him his client’s funds would be switched into […]

Struggle for satellite packagers

Personal Touch Packaging managing director Rob Jupp believes lenders should not be criticised for cutting satellite packagers out of their distribution channel.Speaking at the Mortgage Business Expo, Jupp said he does not see a future for satellite packagers and considers that franchise partners are a much better solution. Satellite packagers repackage products for other firms.But […]

Breath of fresh eair

Informed Choice joint managing director Nick Bamford says he believes clients actively wish to pay fees for financial advice and describes the system of customer- agreed remuneration put in place by his own firm

Axa revises protection rates

Axa has revised its rates for level and decreasing life cover as well as guaranteed level or earlier critical illness cover and guaranteed decreasing or earlier critical illness cover.The firm says around 45 per cent of premiums have reduced in price, by 1.5 per cent on average. The other 55 per cent have either stayed […]


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