Cheltenham & Gloucester has ditched its dual variable rate policy over fears that the Financial Ombudsman Services ruling against Halifax could cost it millions of pounds. C&G says it has made the move in order to buffer itself against the aftershocks of the ombudsman services decision that a Halifax borrower should have been allowed to pay its lowest variable rate. It says it may reverse its decision if other cases pending with the FOS do not follow the same pattern.
The life office and fund management arms of Pearl have been hit with a £100,000 fine by the FSA for failing to carry out customer orders on its share-exchange service Sharewise in a timely manner. Pearl Unit Trusts and Pearl Assurance have also been ordered to pay £345,854 in compensation to 1,617 customers and FSA […]
The final rules for the Financial Services Compensation Scheme, due to come into effect on December 1, have been finalised. IFAs will have their own category, which will not include the cost of redress for the pension review. If an IFA firm goes into default, the rest of the IFAs will share the cost of […]
Thursday, 13 September 2001.Fixed term: Two years.Fixed rate: 4.85 per cent.Minimum loan: £25,000.Maximum loan: Up to 90 per cent of valuation subject to a maximum of £150,000.Income multiples: 81 per cent and above of valuation 3.25 times principal income plus second or 2.5 times joint, 51-80 per cent 3.5 times principal income plus second or […]
Born: January 20, 1955, Enniskillen, Co Fermanagh. Lives: Edinburgh, with wife Joan and three sons. Education/qualifications: St Katherine's College, Cambridge (BA Hons maths), member of Faculty of Actuaries. Career: 1976 joined Scottish Life as actuarial trainee, 1983 made investment manager, 1988 general manager (marketing), 1995 general manager (administration), 1996 director of Scottish Life International Holdings, […]
As the US continues to confound growth expectations and the eurozone’s ‘will they, won’t they’ saga has finally concluded, what are the implications for global markets? James Dowey, Neptune’s chief economist, puts forward his outlook for 2015 and the key considerations for investors.
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Another investment manager offering enterprise investment schemes has alerted clients of a 10 per cent drop in value for one of its portfolios following new Mifid rules. Mifid II, which came into force on 3 January, requires firms to notify clients when the overall value of their portfolio, relative to its value at the beginning of each reporting […]
The recent enquiry by the work and pensions select committee has reignited the debate about the future of collective defined contribution schemes. Whether these sort of schemes can be incorporated into the current UK pensions landscape is a moot point. Let’s consider some of the arguments for and against CDC. First of all, it is […]
Retirement interest-only mortgages are set to become more popular following the FCA removing hurdles to selling them. The regulator sees RIO mortgages as a possible aid to the waves of maturing interest-only loans with no repayment strategy. However, the FCA also wants RIO mortgages to be sold more widely, for example as an additional option […]