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£3bn wasted on mortgages says HSBC

UK homeowners are being charged almost £3 billion over the odds by lenders with high standard variable rates, says HSBC. The bank dropped its Home Buyer Mortgage variable rate to 4.49 per cent last week, and says that 7 out of the country’s top 10 lenders charge their customers at least £14,000 more than its own 4.49 per cent.

Head of banking and mortgages at HSBC Clive Wood says: "With the base rate at 3.5 per cent, there’s no reason why homeowners should be paying over 5.5 per cent interest on a variable rate mortgage."


Abbey says clients are missing benefits as IFAs ignore S32 plans

IFAs are shunning S32 buyout plans in favour of straightforward personal pensions, even though they have valuable benefits for clients, says Abbey National for Intermediaries.Head of pensions and retirement Mike Brown says clients may be missing out on improved death benefits and tax-free cash over 25 per cent if they choose to transfer their occupational […]

Appliance of science

During a chat with a few IFAs after a recent seminar, I was a little taken aback by the lack of awareness of the true nature and likely future investment behaviour of with-profits and managed funds. There was general consensus (although, I have to say, not necessarily including myself) that with-profits funds have had their […]

Key Man cheaper than businesses think says L&G

Small and medium sized business would survive less than a year if a key employee was lost with 54 per cent of companies having no protection against such a scenario Legal and General has warned in its annual Business Intentions study. L&G say that many SMEs may not take out key person insurance because they […]

Julian Gibbs

The Far East excluding Japan is my nap selection for the best-performing sector over the next year.This is for several reasons. First, when the US economy recovers – and it looks likely to grow by nearly 4 per cent next year – the Far Eastern economies and stockmarkets will recover even quicker. Second, growth rates […]


Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.


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