In the second part of IFAonline's review of 2008, rumours of recession and a worldwide credit crunch became fact as financial giants announced rights issues left, right and centre...
April On April Fool's Day, US Federal Reserve chairman Ben Bernanke says an impending recession is no joke, but Goldman Sachs says the end of the credit crunch is nigh. London starts to feel the brunt of the turmoil as fears up to 20,000 jobs could be lost surface, while RBS and HBOS announce the first of several rights issues by struggling financial companies. In the IFA market, the FSA's RDR interim report announces plans to split 'sales' and 'advice', while advisers countrywide begin to feel the wrath of the credit crunch. A Bank of England plan to revive the mortgage market is cri...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
