Former BOS bankers profit from unravelling their own risky buyouts


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Former BOS bankers profit from unravelling their own risky buyouts

Former BOS bankers profit from unravelling their own risky buyouts
The FSA has said that a partnership set up by a former Bank of Scotland senior executive has received more than £12m for advising on how to deal with a string of highly indebted buyouts his division at the bank had backed before the advent of the credit crunch. The regulator has concluded that the division’s aggressive growth strategy in 2006 and 2007 amounted to “very serious misconduct”, but did not impose a fine due to the taxpayer investment in HBOS.
The Guardian, p. 20

Co-op life sale hangs on FSA meeting
A steering committee of the FSA will meet this month to discuss whether to lift an important hurdle to Royal London’s plan to acquire the Co-operative Group’s life assurance operation.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 23

Bank gamble pays off for Odey’s flagship hedge fund
The City financier Crispin Odey recorded a 24 per cent return in his flagship hedge fund last year, powered by daring investments in companies such as Barclays and BSkyB.
The Independent, p. 45

Housing market ‘firming’ ..5yrs on
Five years after the crisis blew up, Britain’s biggest mortgage lender claims the housing market is “firming”. Yesterday Halifax said the average house price rose 1.3 per cent in December to £163,845. And the average for the past three months has topped the prior quarter for the first time since mid-2012.
The Sun, p. 38
Also appeared in : The Guardian, p.22, Daily Express, p.7, The Independent, p.48

US banks pay out $20bn to mop up mortgage mess
Ten US banks have agreed to pay out a total of $20bn (£12.4bn) in order to settle allegation relating to the mortgage crisis that prompted the credit crunch in 2007.
The Guardian, p. 20
Also appeared in : Financial Times, p.1, Financial Times Companies and Markets, p.20, The Daily Telegraph Business, p.3, The Daily Telegraph Business, p.3, The Sun, p.38, The Times, p.36

Funding ratio is next in sight for ‘victorious’ banks
Bank lobbyists have set their sights on blocking new rules that would force financial institutions to better match the length of their borrowing and lending.
The Times, p. 36
Also appeared in : Daily Express, p.67, Financial Times Companies and Markets, p.17

Court backs Coutts over expert who blew whistle
Martin Woods, a money-laundering expert who alleged that Coutts had reneged on a job offer after discovering that he had blown the whistle on his previous employer, has been told that he cannot pursue a legal claim. Yesterday, at a preliminary hearing in Central London, a judge threw out Mr Woods’ case on a legal technicality, ruling that he could not make an employment claim because he had not started working at the bank when the alleged detriment occurred.
The Times, p. 35
Also appeared in : The Daily Telegraph, p.5

The above articles appeared on 08/01/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.