Northern Rock was nationalised and taken into Government ownership in February 2008 and was then restructured into two legal entities on 31 December 2009 – Northern Rock plc and Northern Rock (Asset Management) plc (NRAM). NRAM is permanently closed to new lending, but continues to provide services to existing mortgage customers. The management and control of NRAM was integrated with B&B under UKAR on 1 November 2010.
On 29 September 2008, all of B&B retail branches and its savings accounts were transferred to Abbey. The remainder of the business, including the mortgage books of Bradford & Bingley and specialist lending arm Mortgage Express, were nationalised and taken into public ownership by the Government. B&B is permanently closed to new lending, but continues to provide services to existing mortgage borrowers. The management and control of B&B was integrated with NRAM under UKAR on 1 November 2010.
UK Financial Investments Limited (UKFI) was set up on 3 November 2008 to manage the Government's investments in financial institutions including the Royal Bank of Scotland (RBS), LloydsTSB/Halifax Bank of Scotland (LBG), Northern Rock and B&B.
HM Treasury is UKAR and its subsidiary businesses' single shareholder.
The Financial Conduct Authority (FCA) is the regulator of the financial services industry in the UK. Both B&B and NRAM are individually authorised and regulated by the FCA.
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