View more on these topics

Abbey, HSBC and Halifax stand firm over dual pricing

Abbey National, Halifax and HSBC are refusing to follow Nationwide&#39s lead to compensate all borrowers affected by dual pricing on variable mortgages following the financial ombudsman&#39s ruling.

Nationwide is calling on the ombudsman to take complaints further by involving the FSA where it feels individual cases may have wider implications.

It believes there are another three million borrowers being unfairly treated.

But the banks say they will stick to their guns by only paying out to individual cases, unlike Nationwide, which last week said it would be handing out £90m in redress to 400,000 customers.

Abbey says it will proceed with its appeal against the initial ombudsman ruling in favour of a customer who complained about being linked to its standard variable rate and not one of its lower tracker rates.

A Halifax spokesman says the company&#39s strategy remains unchanged despite Nationwide&#39s move and it will look at further cases in isolation.

HSBC says it believes it has met all its obligations to consumers by bringing down the cost of borrowing.

The Building Societies&#39 Association is looking at whether there are grounds for a legal challenge if the ombudsman can be seen to be violating human rights legislation.

The BSA is seeking opinion from a QC this week and will discuss the outcome at its next council meeting before deciding on its next step.

Nationwide chief executive Philip Williamson says: “The ombudsman should decide on individual cases but if there is a distinct possibility there will be wider implications, there should be a second stage.”

•Nationwide, p9


Tracking the top companies

iShares, an arm of Barclays Global Investors, has brought out the iShares FTSE Eurotop 100 exchange-traded fund. This brings the number of ETFs in their range up to 12.It gives investors the chance to track the FTSE Eurotop 100 index, the largest 100 companies in Europe including the UK. The index is made up of […]

Nationwide axes dual pricing after watchdog&#39s ruling

Nationwide Building Society is refunding a total of £90m to 400,000 mortgage customers affected by the Financial Ombudsman&#39s ruling that its dual-pricing policy was unfair.In January, the ombudsman dismissed Nationwide&#39s appeal and upheld its ruling in the case of a borrower wanting his discount mortgage to be linked to Nationwide&#39s lower base mortgage rate of […]

Liverpool Victoria annuity steps into with-profits

LIVERPOOL VICTORIA FRIENDLY SOCIETY WITH PROFITS PENSION ANNUITY Type: With-profits annuity Minimum investment: Lump sum £7,500 Minimum age: 50 Income frequency: Monthly, quarterly, half-yearly, annually Charges: Implicit Options: Can be converted from with-profits to conventional annuity on annuitant&#39s death Commission: Initial 1 per cent Tel: 0845 6020690 The panel: John Bumford, Client manager, Gee & […]

Mortgages plc appoints two to management team

Non-conforming lender Mortgages plc is making two new appointments to its management team.David Shortt joins as corporate development manager and will focus on developing corporate relationships with prime market lenders and developing Mortgages plc&#39s presence in the corporate intermediary market.David Eaves becomes the first key account manager for the north of England, covering an area […]

Auto-enrolment: tips for employers

The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm