Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Labour cuts ties with troubled Co-op Bank

Labour cuts ties with troubled Co-op Bank

Labour is to end its long standing relationship with Co-op Bank, following a troubled year that saw its former chairman Paul Flowers (pictured) resign in a storm of controversy.

According to the BBC, the party is moving a £1.2 million loan to the Unity Trust Bank, with the rest of its current account facilities to follow.

'The Labour Party is constantly reviewing its financial arrangements and all decisions including any loan consolidations will be taken for commercial reasons,' a spokesperson said.

Flowers is now facing drug possession charges. A report out next week is expected to blame poor governance for the near collapse of the Co-op Bank.  

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter