Northern Rock Ex-Management Face Possible Legal Action
In a move which will be welcomed by many investors and economists it seems as though the ex-management of the fallen Northern Rock may face legal action for their part in the run on the bank. It seems as though the present management, led by Ron Sandler, has initiated lawyers to consider whether there is some kind of case against the former directors and the way the business was run.
Former chief executive Adam Applegarth has been at the centre of much discussion and criticism for the way he allowed the bank to grow beyond its means, ever more dependent on the money markets for finance. When the credit crunch hit home and finance dried up this plunged the Northern Rock into serious financial difficulties and caused the first run on a UK bank for decades.
However, behind the headlines and the various comments attributed to politicians and former shareholders, there are concerns that any legal action may highlight the relative inadequacy of the UK regulatory environment. Whether this would cause yet more concern and worry amongst members of the public and businesses remains to be seen, but there are fears that by taking the action to court it would open a whole new can of worms.
Share this..
Related stories
Citizens Advice reports increasing mortgage distress
More and more people are contacting Citizens Advice after falling behind on their mortgage payments, the charity said today.According to the new data, advice requests for mortgage arrears have increased by 50 per cent over the past 12 months.Citizens Advice also said that there had been a marked upwards trend in energy bill distress.Around ten per cent more are reporting trouble with their gas and...
Read MoreJobseekers to be given 14 days warning before sanction
23/10/2015 Jobseekers will be given a warning period of 14 days before they are faced with benefit sanctions under a new scheme that will be brought in next year, according to the government. At the moment, sanctions which result in the loss of benefits can be imposed immediately if a jobseeker has an issue such as not turning up for a job interview or not meeting their job adviser. The exte...
Read MoreEU ruling does not bode well for Lloyds and Royal Bank of Scotland
EU regulators have today confirmed that Dutch bank ING will need to down size its balance sheet in order to take account of state aid which was received when the company was in dire straits. This comes at a time when Lloyds bank and Royal Bank of Scotland are awaiting a ruling on UK government state aid and any potential reduction in the size of the businesses and any asset disposals.
Read More
High-profile investors split on UK economy prospects
As if the situation regarding the UK economy was not difficult enough we have seen two well-known investment managers in the press this week stating their very different views on the future of the UK. Firstly it was the turn of Anthony Bolton, a former manager of the Fidelity Special Situations Fund, suggesting that "all of the pieces" for a true bull market in the UK are in place.
...
Mortgage providers to better understand retiree mortgages
12/06/2015 The International Longevity Centre-UK (ICL-UK) has reached out to mortgage providers to better understand and respond to the increasing number of retirees looking to apply for mortgages. The director of ICL-UK, David Sinclair, has urged mortgage providers to actively make sure they are not discriminating on the basis of age alone when considering mortgage applicants. He also advi...
Read More