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Advertising Standards Authority raps B&B

Bradford & Bingley has been rapped on the knuckles by the Advertising Standards Authority for claiming banks offer higher mortgage rates than building societies.

The ASA has upheld 12 complaints from the public that B&Bs adverts which appeared in national newspapers during its battle to remain mutual earlier this year were misleading and &#34not necessarily true&#34.

The building society attempted to persuade its members to vote in favour of remaining mutual by claiming banks have higher mortgage rates and lower savings rates than building societies.

The adverts also claimed there would be 93 branch closures and heavy job losses if B&B converted and any profits would be passed to shareholders in the City rather than members.

B&B says its rates and number of branches it has are under review following its decision to hold a formal conversion vote in early 2001 despite 60 per cent of its borrowers voting against Stephen Major&#39s conversion proposal.

B&B press officer Alis Marjoribanks says: &#34The adverts were never intended to mislead but we accept the ASA ruling and the adverts will never be run again.&#34


Lenders snub change on interest payments

Mortgage firms are bracing themselves for the impact of the Treasuryconsultation into mortgages which could force them to calculate interestrepayments on a daily basis.Lenders argue the move would cost them thousands of pounds updatingcomputer systems so they could make daily calculations and would force themto charge higher rates.The Treasury is considering forcing lenders to use […]

Furness Building Society offers a freestart

Furness Building Society is offering all new homebuyers one years free accident sickness and unemployment cover for their new loan.The &#34Freestart&#39 ASU scheme is fully compliant with the Association of British Insurers and Council of Mortgage Lenders new mortgage payment protection insurance guidelines.Cover is written on a back to day one basis after an initial […]

Cheltenham & Gloucester launches new range of fixed rates mortgages

Cheltenham & Gloucester has launched a new range of fixed rate mortgages covering two, three, five and seven years.The two year rate is fixed at 6.49 per cent for loans up to 90 per cent loan to value and 6.69 per cent up to 95 per cent LTV.The three, five and seven year rates are […]

Japanesse banks announce mega-merger

Three of Japan&#39s leading banks have announced they are to merge to form the world&#39s largest financial group.The three consisting of Fuji Bank, Dai-Ichi Kangyo Bank and Industrial Bank of Japan aim to complete the tie up by the spring of 2002.The plans will create a bank with combined assets of about $1,300bn (£812bn) far […]

Pensions Dashboards around the World

Steve Webb’s latest policy paper British savers risk being left in the ‘slow lane’ unless the UK Government takes a more active role in ensuring the successful delivery of a Pensions Dashboard. The report, ‘Pensions Dashboards around the World’, coincided with a major conference that was held on Monday 16 May and brought together experts […]


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