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RBS close to US mortgage mis-selling settlement


Royal Bank of Scotland is set to strike a deal over historic mortgage bond mis-selling and clear one of the last hurdles to the Government selling its stake in the lender.

The bank is close to a settlement with the US Federal Housing Finance Agency over mis-selling Fannie Mae and Freddie Mac loans before 2008, according to Sky News.

The deal could cost RBS $4.5bn (£3.5bn) and is set to finish within a fortnight.

An RBS spokesman would not comment.

The bank is still more than 70 per cent owned by the UK Government following a 2008 bailout.

RBS is also due to settle another penalty with the US Department of Justice about historic sales of residential mortgage-backed securities.

However, this has been held up by a cull of the department’s top brass under US President Donald Trump.



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(Another) downhill stroll — retirement planning

A report published this morning by the CIPD (CIPD Employee Outlook March 2015) provides yet more interesting data to the changing landscape of retirement planning. It should be remembered that we are in a period of genuine flux here given that the default retirement age was scrapped three years ago, and new pension freedoms come online in April. Both of these alterations will have a huge impact on how employees plan for their retirement.


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