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Stockton takes reins of all HBOS broker business

Nigel Stockton’s remit as managing director of HBOS Intermediary Mortgages has been expanded to encompass all of HBOS’ broker business, including its valuation company Colleys.

The move follows intermediary distribution and specialist banking managing director Phillip Grant’s promotion to the role of chief operating officer of HBOS’ corporate division.

Jo Dawson, chief executive of retail distribution, insurance and investment at HBOS, says: “Appointing Stockton provides continuity in our intermediary distribution channel and is important for brokers and the group.

“Strong relationships are pivotal to our business and Stockton is well positioned to lead this channel to continued success.”


BoE governor warns banks face radical change

Banks are “extremely likely” to face radical change and far tougher rules to stave off any future crises, the Bank of England governor has warned.Mervyn King warned of the need to examine banking regulation in a speech to the Bank of Israel yesterday.He says: “The recent challenges presented by the latest episode of financial turmoil […]

NR to lend £5bn each year

Northern Rock will lend around £5bn each year during the next three to four years, its executive chairman reveals.Ron Sandler, speaking this morning at a telephone press conference, says he regards this strategy as sufficient to retain NR’s presence in the market.He adds: “We are going to continue to lend money but at nothing like […]

Lehmans rumoured to be set to axe UK lending arms

Rumours are rife that Southern Pacific Mortgage Limited and Preferred Mortgages are both set to be wound up by parent group Lehman Brothers.A source close to the firm confirmed yesterday that it was looking at suspending lending at both of its UK divisions, but they refused to be drawn as to whether it could lead […]

Firms say crisis will worsen

A whopping 97% of UK businesses predict credit conditions will worsen during the next six months.The latest quarterly survey by the Confederation of British Industry and PricewaterhouseCoopers also reveals that up to 11,000 jobs in the financial services sector could be at risk thanks to prolonged market turbulence.The survey shows that 90% of firms surveyed […]


Employer iPMI responsibilities could continue to escalate, says Jelf

New laws in Dubai will put the burden of providing international private medical insurance (iPMI) firmly on the shoulders of the employer in order to maintain the country’s leading healthcare facilities. With 10,000 UK nationals having moved to the country since 2007 and only 16.5 per cent of the total 8.2 million people living there being Emiratis, Jelf Employee Benefits believes this move was inevitable and employer responsibilities could continue to escalate in future.


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