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RBS chairman steps down three months ahead of plan

Royal Bank of Scotland’s chairman Tom McKillop has stepped down three months ahead of time.

He was originally meant to be stepping down in April but his immediate departure today means that Sir Philip Hampton, currently deputy chairman and chairman designate, will now assume chairmanship of the group.

McKillop, along with Sir Fred Goodwin, has been widely blamed for the rabid expansionism that his directly resulted in RBS’ current woes.

The pair will be interrogated by the Treasury Select Committee next week (February 10), along with Andy Hornby, Lord Stevenson of Coddenham to explain how the current financial crisis occurred.


MS should name the networks that are withholding fees

Mortgage Strategy was uncharacteristically coy in its leader (Clean up your act networks) and lead news story (Lender warns networks to pay brokers on time) by not naming the networks accused of holding onto brokers’ fees (Mortgage Strategy January 12).

FSA fines broker for self-cert mis-selling

The Financial Services Authority has fined Nottingham mortgage broking firm Gillen Farrelly Independent Advisers £17,500 for self-cert mis-selling.

Andy Wilgoss is made redundant

Andy Wilgoss, managing director of Square Mile Mortgage Finance, has been made redundant after eight years at the helm of the brokerage.

IFAs expecting surge in equity release says Hodge Lifetime

Hodge Lifetime’s Equity Release IFA Confidence Index shows that 73% of IFAs expect to see interest for equity release increase by at least 5% in the next three months, and 60% predict at least a 5% increase in completed applications.

Image courtesy of Stuart Miles at

Pension freedom: wish you were here?

Out there lies a warm ocean of desert islands, sun, sand and palm trees, where individuals can choose how and when to tax-efficiently access their pension fund and realise the retirement dreams they have worked so hard for.


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