Mortgage News
BoE boosts Mervyn King’s pension by £1.4m – papers
The Bank of England topped up Governor Mervyn King’s pension pot by £1.4m after deciding to award him an early payout in 2008.
The deal was settled shortly after King negotiated a second five-year term at the Bank following a fraught reappointment process in the wake of the Northern Rock crisis.
In his final 16 months as a member of the generous final-salary scheme, the Governor’s pension pot grew by a third from £3.95m to £5.36m.
The Bank could offer no explanation to the Telegraph as to why the Court of the Bank decided to bring the Governor to full pension accrual before starting a second term, though it may have been for administrative purposes. MORE…
Debt advisers stop taking cases as funding ends
Hundreds of debt advisers have stopped taking on new cases because their funding is to be axed next month.
For the past five years, the £25m-a-year Financial Inclusion Fund has been paying for about 500 specialists in England and Wales to give free advice.
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But the cash is due to run out in March and the government has said it will not renew the fund.
The news means that advisers face redundancy at a time when demand for their advice is forecast to grow. MORE…