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BSA predicts market will remain strong

Net lending by building societies rose to £569m last month from £448m in December 2001, says the Building Societies Association.

The BSA says this increase is a sign that last year&#39s strong growth in the housing market is set to continue after the Christmas break, despite gross advances falling slightly from £2.14bn to £2.11bn.

In the savings market, building societies had net outflows of £348m in January, which the BSA says is partly a result of people using their savings to pay off debt accumulated over Christmas.

It says the market for cash Isas is taking off, with net inflows doubling to £346m in January from £172m in December.

Director-general Adrian Coles says: “Net advances for January were up by more than a quarter on the previous month&#39s figures, reaching £569m and illustrating that, after the Christmas lull, the new year is seeing the continuation of last year&#39s strong housing market. As expected for the beginning of the year, societies saw the inflow of money into savings accounts turn into an outflow.”

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Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.

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