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Abbey National hikes mortgage rate

Abbey National is hiking its variable mortgage rate a quarter of a percentage point to 7.24 per cent.

Abbey is the first of the big lenders to raise its rates following the Bank of England&#39s decision to raise the rate 0.25 percentage points to 5.50 per cent on Thursday.

The Abbey rise in standard variable rates will be in place from tomorrow for new borrowers and December 1 for existing homeowners.

The move raises loan rates under £60,000 to 7.24 per cent, to 7.19 per cent for loans of £60,000 to £99,999 and 7.14 per cent for loans more than £100,000.


Goldman Sachs wins deal to manage £3bn of Lincoln assets

Lincoln Financial Group UK has drafted in Goldman Sachs Asset Management International to manage £3b of its investment funds.GSAM will manage portfolios in UK, European and Japanese equities.Lincoln says the move will give clients more choice and access to broader expertise than is possible within their own operation.GSAM managing director Ted Sotir says: “This mandate […]

Henderson offers commission from shareholders&#39 pockets

Henderson Investors is offering IFAs commission directly out of shareholders&#39 pockets to promote its £600m Henderson Smaller Companies investment trust. It will pay 3 per cent commission out of the trust and not take the money out of the cash being invested by savers. The promotion will last until the end of the tax year.

IFAs slam PI insurer on endowment probe

IFA bodies have slammed the decision by Britain&#39s biggest professional indemnity insurer to ask questions about endowment sales on PI renewal forms.The move, spearheaded by the PI insurer St Paul, is seen as a slap in the face for IFAs already struggling to secure PI insurance as a result of the pension review phase 2 […]

IFAs can&#39t be trusted – new survey

IFAs are less trustworthy than estate agents and bookies – according to a new survey by The Motley Fool internet website.An IFA&#39s impartiality and ability to give independent help is generally compromised by the levels of commissions they get paid, according to about 60 per cent of the 1,000 people asked in the survey.A lowly […]


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