Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

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Tuesday 11 December, 2012


Response to Ministerial statement regarding NRAM

RNS Number : 2577T
Northern Rock (Asset Management)
11 December 2012

11 December 2012

Northern Rock (Asset Management) plc

Response to Ministerial statement regarding NRAM

We note the Ministerial statement made today by the Economic Secretary to the Treasury regarding customers of Northern Rock (Asset Management) plc (NRAM) who have loan accounts which are regulated under the Consumer Credit Act (CCA).

Following changes to the CCA implemented in 2008 before the separation of NRAM and Northern Rock plc, certain letters and statements have been sent to customers that do not comply with all the requirements prescribed by the CCA. This has been brought to light following the transfer of the NRAM loans onto the UK Asset Resolution (UKAR) IT platform.

Affected customers are now entitled to redress, and will also be sent revised documentation that contains all of the compulsory account information and precise wording required by the CCA.  Where redress is required, this will be made by correcting a customer's account balance to reverse the consequences of them being charged any interest over the period in which their documentation is non-compliant.

The total cost to NRAM of remediating the interest charged is estimated at £270m.  The remediation is not expected to delay materially the ultimate timing of the repayment of the NRAM government funding, which stood at £19.6bn as at June 2012. The Treasury continues to estimate that it will fully recover all the taxpayer support provided to NRAM.

The OFT regulates the CCA and has been consulted on these administrative errors, as has the FSA.  HM Treasury, UK Financial Investments Ltd and legal counsel have also been consulted on the issue and our remediation plans, which are focussed on acting in full accordance with the law, and treating our customers and the taxpayer fairly.

We are currently assessing the full impact of this issue and are writing to all NRAM customers who are affected to advise them on the next steps we will take.  NRAM mortgages and standalone unsecured personal loans are unaffected by this issue.

The UKAR Board has asked Deloitte to conduct an independent enquiry into the specific circumstances of this issue and to make recommendations on potential enhancements to the associated processes and controls.

Customers do not need to take any action.  We are doing everything possible to resolve this matter and they do not need to contact NRAM, or anyone else about this issue.

Chief Executive of UKAR, Richard Banks said:

"NRAM is acting in accordance with its legal responsibilities and we are determined to do the right thing for customers and the taxpayer. We will be writing to all customers who are affected and advising them on next steps. We have not received any complaints or claims as a result of this matter and as far as we are aware it has not resulted in financial loss for customers."

Update on Business Performance

NRAM has continued to perform strongly and arrears levels have fallen by over 18% over the course of 2012.  The number and proportion of customers three months or more in arrears at the end of each period is as follows:

End Nov 2012

30 June 2012

31 December 2011














Further repayments of the NRAM government loan have been made. In the eleven months to the end of November 2012, £1,370m had been repaid reducing the total funding balance to £18.5bn.  This brings the total NRAM loan repayments to £3,470m since the formation of UKAR.

NRAM's interim financial results for the 6 months to June 2012 show a statutory profit before taxation of £305m, and NRAM is expected to remain profitable in 2012.



Media Contacts:


Jonathan Glass / Nick Cosgrove

Tel: +44 20 7404 5959




Consumer Credit Act

In the case of loans taken out before 6 April 2008, the CCA only applies where the amount we agreed to lend the customer (the amount of credit) was £25,000 or less. 

UK Asset Resolution Limited (UKAR)

UKAR was established on 1 October 2010 to facilitate the orderly management of the closed mortgage books of both Bradford & Bingley (B&B) and Northern Rock Asset Management (NRAM) to maximise value for taxpayers. The Executive team of UKAR manages both organisations focusing on this common objective, while ensuring that both companies continue to treat customers fairly, deliver consistently high levels of service and support those customers facing financial difficulty.

Northern Rock (Asset Management) plc (NRAM)

Northern Rock was nationalised and taken into Government ownership in February 2008 and was then restructured into two legal entities with effect from 1 January 2010 - Northern Rock plc and Northern Rock (Asset Management) plc (NRAM).


This information is provided by RNS
The company news service from the London Stock Exchange