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Dunfermline fails to quash bailout rumours

Jim Willens, chief executive of Dunfermline says the society will not be making any comment on speculation that its seeking a bailout after reported losses of up to 26m.

A message on the societys website this morning says: The articles are speculative. Our results are due out in the next two weeks, and we will not comment on them until that time. Meanwhile, our focus remains as always on looking after our members. Thank you for your continued support.

The society made a 2m profit in 2007 but it is understood the Financial Services Authority has been forced to step in and try and find a buyer after heavy losses.

A number of societies are believed to have been approached by the regulator but no deal has yet to be done.

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Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.