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Banks overcharge consumers says Virgin survey

Virgin one has called for the UK banking sector to clean up its act in light of research of 2,000 consumers that revealed almost 50% of banking customers believe banks use small print to hide charges and only 28% are confident they have never been overcharged.

Scott Mowbray, marketing manager for Virgin One, said: “The research is a warning to all banks, especially since 70% of respondents thought an open, honest financial service provider would be more likely to succeed than one that withholds information.”


Changes for disclosure

The FSA is calling on advisers to ensure they make their status as tied or independent clear to consumers as it publishes proposals on changing the disclosure regime. It will look at all aspects of product and status disclosure, with the view to help consumers better understand the financial products in which they invest. The […]

Global duo from Premier

Premier Portfolio Managers has added two new multi-manager funds to its Luxem burg-based Sicav. The PII global technology fund will be run by four mana gers, including Aberdeen Asset Management technology fund manager John Pullar-Strecker. The other three managers are from Laing & Cruikshank, MacKenzie Financial Cor por ation and MacKenzie Invest ment Managers. Each […]

Scot Mutual rethinks s32 buyout guidance

Scottish Mutual has been forced to clarify its pension transfer guidance after concern that it was misleading IFAs over section 32 buyout policies. The company must clarify its understanding of the latest draft personal pension transfer regulations which featured in its Tech Talk bulletin earlier this month. ScotMut told IFAs that S32 policies bought before […]

L&G charges on

Legal & General is entering the market for stakeholder-friendly pensions with its single charge pre-stakeholder group personal pension. Flexibility is the most important feature of stakeholder friendly pensions and this product is competitive compared to some products which claim to meet the stakeholder criteria. There is a minimum contribution of £20 a month, which can […]


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