Jan 30 - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
RBS FACES 1,000 COMPLAINTS ABOUT ITS ‘MORALLY WRONG’ RESTRUCTURING DIVISION
Lawrence Tomlinson told the Treasury Select Committee that his “dossier” of complaints against RBS’s restructuring division has vastly expanded since he published his report last year. More than 1,000 companies have come forward with allegations of “morally wrong” treatment at the hands of the Royal Bank of Scotland’s restructuring division, MPs have been told.
BANK OF ENGLAND BLOCKS SANTANDER‘S CHOICE FOR RISK ROLE
The Bank of England has blocked Santander UK’s plans to hand its incoming deputy chief executive responsibility for risk management. The British arm of the Spanish lender has been forced to rethink its appointment of Nathan Bostock, currently finance director of Royal Bank of Scotland, to the joint role of deputy chief executive and chief risk officer.
VINCE CABLE CONFRONTS LLOYDS OVER STAFF CUTS IN COMMERCIAL BANKING
Vince Cable is demanding an urgent meeting with the boss of Lloyds Banking Group after the bailed-out bank made deep cuts to the number of its small business experts. The business secretary wrote to António Horta-Osório on Wednesday night after Lloyds said half the relationship managers handling small business queries that their roles were being made redundant as part of a long-running strategic review.
UK HOUSE PRICES START YEAR WITH A BANG, FUELLED BY FIRST-TIME BUYERS
The return of first time buyers to Britain’s housing market helped push prices almost 9 percent higher in the year to January, according to the country’s biggest building society Nationwide, adding more than 14,000 pounds to the price of a typical home.
JUSTIN KING STANDS DOWN AFTER DECADE OF SUCCESS AS SAINSBURY‘S CHIEF
Justin King put an end to months of speculation over his future at J Sainsbury and announced his departure, marking the end of a decade that has transformed the fortunes of Britain’s second-biggest grocer.
A surprise bounce in iron ore production at Anglo American has raised hopes for a turnaround under its new chief executive. The FTSE 100 miner was also buoyed by copper production hitting a quarterly record, which helped to send shares up 77 pence, or 5.7 per cent, to 14.20½ pounds.
REGULATOR THREATENS RBS CHIEF‘S ROLE AT RIVAL
The appointment of Royal Bank of Scotland’s finance director to a dual role at rival Santander UK was in jeopardy on Wednesday after banking regulators raised concerns about the move. Sky News can reveal that the Prudential Regulation Authority has expressed serious doubts about Nathan Bostock’s appointment to the Spanish-owned bank as deputy chief executive and chief risk officer.
Bank of England Governor Mark Carney warned of “clear risks” associated with the economics of Scottish independence, adding that the country would have to surrender some of its sovereignty if it were to retain the pound.