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Charges are cut on HBOS post-polarisation products

HBOS is setting up a “post-polarisation” portfolio of investment products with no initial or exit charges.

The group will use some of the £1.4bn raised by a share placing last week to develop this business.

It says the long-term savings and insurance products are clear and transparent, making them suit- able whatever the outcome of the polarisation review.

HBOS says part of the reason for raising additional capital is to be prepared for the post-CP121 market.

It says the companies under its umbrella brand and its range of distribution channels, including tied and IFA, make it well placed to move forward.

The first product will be the Halifax personal investment plan, a single-premium investment bond which HBOS says makes it the only high-street bank or building society to offer a bond with no surrender, switching or exit charges.

It says it is targeting customers with capital held mainly in traditional savings accounts. Minimum initial investment is £5,000.

A spokesman says: “HBOS is having discussions on the way forward in view of the FSA&#39s consultation paper and is well placed to make changes whatever the outcome.”

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