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LibDems support break-up of RBS

The Liberal Democrats have backed proposals to break up the Royal Bank of Scotland into a series of local and community banks at its conference in Brighton.

The Sustainable Jobs and Policy paper was passed in a vote on the conference floor yesterday and commits the party to a wide range of banking reforms.

The policy motion, proposed by Parliamentary private secretary to deputy prime minister Nick Clegg, MP Duncan Hames, follows calls earlier this year from business secretary Vince Cable to split up the bank.

Last month, there were reports that the Government was considering buying the 17 per cent of RBS it does not own and forcing it to lend to small businesses.

Speaking at a Social Market Foundation fringe event on competition in banking last night, LibDem Treasury spokeswoman Baroness Susan Kramer called on the Treasury to consider breaking up both state-owned banks, RBS and Lloyds Banking Group.


PTFS reports 38% profits decline

Personal Touch Financial Services reported last week a 38 per cent decline in profits after tax for 2011 compared with the year ending December 2010. The company’s latest financial results, published today for the year ending December 2011, reveal gross profits stood at £9.8m with profits after tax of £1.6m. This latest figure is down […]

EU set to mimic UK banking ring-fence

The European Union has unveiled its own version of Sir John Vickers’ proposals to split up the retail and investment arms of banks to allow them to fail safely. The report, authored by Erkki Liikanen and published yesterday, was set up by the European Commission to protect taxpayers from bailing out banks. It recommends a […]

Martin Wheatley: ‘We have barely got started’

Financial Conduct Authority chief executive designate Martin Wheatley has continued his hardline rhetoric saying the regulator “has barely got started” on its crackdown on misconduct, as he signals a greater emphasis on individuals being held to account.


Case study: administration — managing group life schemes

Our client leads the global market in high-tech electronics manufacturing and digital media. The trustees of the company’s final salary pension scheme insure death-in-service lump sum and dependants’ pension death benefits for active employees, as well as dependants’ pension benefits for deferred members (those who have left service).


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