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BBA questions TSC findings

The British Bankers’ Association has questioned the Treasury select committee’s belief that poorer customers are finding it hard to open bank accounts.
The second part of the TSC’s financial inclusion report found that certain banks treat low earners as second-class citizens- for example by not allowing basic account holders access to branch counters- and such customers were sometimes excluded from opening an account entirely.
The committee recommends the Banking Code Standards Board implement changes to the Banking Code by March 2007 to take account of its criticisms.
But BBA chief executive Ian Mullen says independent research shows over a million basic bank accounts are now in operation from those who were previously unbanked, showing banks are tackling the issue.
Mullen says: “The industry has moved quickly where issues have arisen and many of the recommendations in the Committee’s report are already incorporated into the Banking Code. This is not to say that the industry is in any way complacent and our members therefore continue to work hard to ensure that all branch staff are as aware of the options available to customers as possible.”


Housing elite

Homeownershiop is in danger of becoming the preserve of the middle class

Uncertainty over age rules for schemes

Financial services firms are concerned that age or service-rel-ated pension schemes will effectively be wiped out under the new European anti-age discrimination rules.The Government has published its final amendments to the draft regulations governing pensions. They allow trustees to pay different contributions into personal pensions and defined-contribution occupational schemes based on an employee’s length of […]

AIC urged to boost promotion

The Association of Investment Companies needs to do more to promote investment trusts and push its members to make information more easily available to advisers, according to Transact managing director Ian Taylor.Speaking at the Money Marketing investment trust round table, Taylor said the AIC does not have a good track record in terms of allowing […]

Second land fund from Cordea Savills

Cordea Savills, the fund management arm of the Savills property services group is looking to raise £50 for a second serviced land fund.
Like the original fund launched last year, the serviced land fund 2 will trade in land and is available as a limited partnership and exempt unit trust for Sipp and SSAS investors.


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