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Autif e-trading platform

The Association of Unit Trusts and Investment Funds is launching a new electronic trading platform.

The EMX trading platform will allow investors and fund managers to link up directly with providers. It claims the move will save the industry millions of pounds by slashing red tape and cuttin admin costs.

Autif chairman Alan Ainsworth says: “I will change the dynamics of the industry. Very significant costs are going to get squeezed out of the system.”


&#39Stupid&#39 error forces Northern Rock compensation

Thousands of Northern Rock members affected by a “stupid manual error” are to receive compensation.Around 200,000 borrowers had their mortgage payments debited a week early at a cost of about 25p per account.The affected will receive this amount plus any bank charges incurred as a result of being unexpectedly overdrawn.Northern Rock PR manager Ron Stout […]

Carpetbagger fightback

Carpetbaggers are planning their fightback following a series of blows from pro-mutual Portman Building Society.The internet site co-ordinating the demutualisation attack says it may lodge a complaint to the Building Societies Commission against the society.The move follows Portman&#39s scuppering of demutualisation resolutions and the ousting of carpetbagger ringleader Richard Yendall.Portman is continuing to refuse […]

Simple hearted

It is fair to say that 1999 will be remembered by most of us for a numberof reasons. Isas arrived, yet more new pension arrangements were on thedrawing board, pricing regulation in the form of Cat-marking came back tothe UK after more than a decade away, product league tables were proposedand English cricket maintained a […]

Chelsea and Skipton open door for mutual vote

Chelsea and Skipton Building Society members are being allowed to vote on demutualisation.Directors at both societies have agreed carpetbagging resolutions should be put to the vote Both resolutions request mutual status to be re-considered, possibly leading to conversion and cash windfalls for members.But Chelsea says the “consideration” of changing status should not be seen as […]


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