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| Version 1 | Version 2 |
|---|---|
| Merger doubt | Merger doubt |
| (3 days later) | |
| BBC Radio 4's Money BoxSaturday, 1 Novemberat 1204 BST On Radio 4 and Online class="" href="/1/shared/spl/hi/programmes/money_box/transcripts/08_11_01_moneybox.pdf">Programme transcript (15 pages) href="http://www.bbc.co.uk/mediaselector/check/player/nol/newsid_7700000/newsid_7703900?redirect=7703998.stm&news=1&bbram=1&nbram=1&bbwm=1&nbwm=1" onclick="javascript:newsi.utils.av.launch({el:this});return false;">1 November 2008 | |
| The £12bn merger of Halifax Bank of Scotland and Lloyds TSB, approved on 31 October, has been called into doubt. | The £12bn merger of Halifax Bank of Scotland and Lloyds TSB, approved on 31 October, has been called into doubt. |
| The Office of Fair Trading expressed its concerns that the merger would reduce competition and raise prices in mortgages, small businesses and current accounts. | The Office of Fair Trading expressed its concerns that the merger would reduce competition and raise prices in mortgages, small businesses and current accounts. |
| Despite its fears, Trade Secretary Lord Mandelson approved the merger saying preserving financial stability was more important. | Despite its fears, Trade Secretary Lord Mandelson approved the merger saying preserving financial stability was more important. |
| We were joined by Jim Spowart, a Scottish financier, founder of Intelligent Finance and Direct Line, who has been working on a counter bid. | We were joined by Jim Spowart, a Scottish financier, founder of Intelligent Finance and Direct Line, who has been working on a counter bid. |
| Merger doubt | Merger doubt |
| Further information/related stories: | Further information/related stories: |
| Second bid for HBOS anticipatedLloyds TSB's HBOS deal is cleared | Second bid for HBOS anticipatedLloyds TSB's HBOS deal is cleared |
| House prices are back where they were in February 2006Affordable homes? | House prices are back where they were in February 2006Affordable homes? |
| The Monetary Policy Committee is widely expected to cut interest rates this week. | The Monetary Policy Committee is widely expected to cut interest rates this week. |
| Many economists are expecting a full half of one percent reduction. | Many economists are expecting a full half of one percent reduction. |
| But will a cut - however radical - be enough to kick start Britain's flagging housing market? | But will a cut - however radical - be enough to kick start Britain's flagging housing market? |
| Last week Nationwide reported that house prices in October were down nearly 15% on the year. | Last week Nationwide reported that house prices in October were down nearly 15% on the year. |
| Earlier in the week the Bank of England warned that one in nine homeowners could fall into negative equity if prices continue to drop. | Earlier in the week the Bank of England warned that one in nine homeowners could fall into negative equity if prices continue to drop. |
| Henry Pryor, founder of the property website Primemove.co.uk, and Dr Andrew Lilico, managing director of consultancy Europe Economics gave us their views. | Henry Pryor, founder of the property website Primemove.co.uk, and Dr Andrew Lilico, managing director of consultancy Europe Economics gave us their views. |
| Affordable homes? | Affordable homes? |
| Further information/related stories: | Further information/related stories: |
| Low sales drive house prices downMortgage lending 'rises slightly'House prices 'to recover by 2013'External internet links | Low sales drive house prices downMortgage lending 'rises slightly'House prices 'to recover by 2013'External internet links |
| The Child Support Agency was founded in 1993Child maintenance | The Child Support Agency was founded in 1993Child maintenance |
| From 1 November the functions of the Child Support Agency (CSA) formally transfer to a new body - the Child Maintenance and Enforcement Commission (CMEC). | From 1 November the functions of the Child Support Agency (CSA) formally transfer to a new body - the Child Maintenance and Enforcement Commission (CMEC). |
| The change is part of a wider shake-up in the way child maintenance is enforced. | The change is part of a wider shake-up in the way child maintenance is enforced. |
| At the heart of the new system is the idea that more parents should try to reach voluntary agreements on child maintenance, leaving the the new body - which will have beefed-up powers - to chase the toughest cases of parents who refuse to pay maintenance. | At the heart of the new system is the idea that more parents should try to reach voluntary agreements on child maintenance, leaving the the new body - which will have beefed-up powers - to chase the toughest cases of parents who refuse to pay maintenance. |
| Stephen Geraghty - who was the chief executive of the CSA - is the new child maintenance commissioner at the CMEC. | Stephen Geraghty - who was the chief executive of the CSA - is the new child maintenance commissioner at the CMEC. |
| He told us more about the changes. | He told us more about the changes. |
| Child maintenance Web extra: Stephen Geraghty extended interview | Child maintenance Web extra: Stephen Geraghty extended interview |
| Further information/related stories: | Further information/related stories: |
| New body to replace troubled CSAChanges made to child maintenanceChild maintenance pay tops £1bnWatchdog anger over child supportExternal internet links | New body to replace troubled CSAChanges made to child maintenanceChild maintenance pay tops £1bnWatchdog anger over child supportExternal internet links |
| Norwich Union's exit penalties will affect about 1.3 million saversWith profits | Norwich Union's exit penalties will affect about 1.3 million saversWith profits |
| Millions of investors who hold "with profits" bonds, endowments or pension policies received more bad news this week. | Millions of investors who hold "with profits" bonds, endowments or pension policies received more bad news this week. |
| Standard Life became the latest insurer to impose exit penalties following recent similar moves from Legal and General and Norwich Union. | Standard Life became the latest insurer to impose exit penalties following recent similar moves from Legal and General and Norwich Union. |
| Bob Howard investigated and we asked David Barral, marketing director at Norwich Union, how the changes would affect policyholders. | Bob Howard investigated and we asked David Barral, marketing director at Norwich Union, how the changes would affect policyholders. |
| With profits | With profits |
| Further information/related stories: | Further information/related stories: |
| Standard Life cuts final payoutsExternal internet links | Standard Life cuts final payoutsExternal internet links |
| Most financial advisers are currently funded by commissionFinancial advice | Most financial advisers are currently funded by commissionFinancial advice |
| How do you get truly independent financial advice? | How do you get truly independent financial advice? |
| The Financial Services Authority is currently looking at this and is due to publish its recommendations later this month. | The Financial Services Authority is currently looking at this and is due to publish its recommendations later this month. |
| At the heart of the review is the question of whether financial advisers who make their money from commission can provide genuine unbiased guidance to consumers. | At the heart of the review is the question of whether financial advisers who make their money from commission can provide genuine unbiased guidance to consumers. |
| We were joined by Andrew Fisher, chief executive of the fees only financial advice firm Towry Law, and Chris Cummings, director general of the Association of Independent Financial Advisers (AIFA), the trade body for independent financial advisers. | We were joined by Andrew Fisher, chief executive of the fees only financial advice firm Towry Law, and Chris Cummings, director general of the Association of Independent Financial Advisers (AIFA), the trade body for independent financial advisers. |
| Financial advice | Financial advice |
| Further information/related stories: | Further information/related stories: |
| Have Your Say: Financial adviceMore people seek financial adviceCall for free money advice schemeJune 2007: Advisers' commissions under fireJune 2007: Commission 'caused mis-selling'External internet links | Have Your Say: Financial adviceMore people seek financial adviceCall for free money advice schemeJune 2007: Advisers' commissions under fireJune 2007: Commission 'caused mis-selling'External internet links |
| BBC Radio 4's Money Box was broadcast on Saturday, 1 November 2008 at 1204 GMT. | BBC Radio 4's Money Box was broadcast on Saturday, 1 November 2008 at 1204 GMT. |
| The programme was repeated on Sunday 2 November 2008 at 2102 GMT. |