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Charity pledge for Portman carpetbaggers

Portman has scored another point in the war against carpetbaggers by forcing new customers to donate any windfalls to charity.

From January 4 all new customers will be urged to donate any demutualisation windfalls to the Charities Aid Foundation, while existing members will be unaffected., the website devoted to demutualsing the remaining building societies, is arguing societies like Chelsea who don&#39t have a charitable clause are not dedicated to mutuality.

But Chelsea Building Society is claiming the notion is “bizarre and lacking in sense.”

A Portman spokesperson says: “We&#39ve done this with reluctance, but we want to deter high volume speculative investment.”


AITC queries Isa sales stats

The Association of Investment Trust Companies has blasted figures showing Isas have been more popular than Peps and Tessas.The Inland Revenue is claiming £12.7bn poured into Isas in the six months after their launch in April of this year – 40 per cent higher than the amount invested in Peps and Tessas in the same […]

FSA move on stockmarket

The Financial Services Authority has published draft guidelines on its approach to taking over the role as the London Stock Exchange regulator next Spring.The FSA announced it will take over from LSE&#39s listing function with the continued help of the listing authority advisory bodies.It also revealed of head of the listing department at the stock […]

BoS opens door for sale

Bank of Scotland admits it is willing to consider bids for Australian bank BankWest, in which it has a majority stake.The 56 per cent it has in the bank is believed to be worth up to £500mThe Edinburgh-based bank is currently involved a bidding war with the Royal Bank of Scotland for beleaguered National Westminster […]

Consumers split over endowment &#39misselling&#39

WORDS 132Consumers campaigners and regulators are split over the Financial Services Authority move not to launch a full-scale “endowments misselling” enquiry.According to the FSA around 3m households will be forced to pay £40-50 per month as endowments have not produced enough to repay mortgages in full.Around 60 per cent of the 10m endowment policies in […]

Embrace simplicity!

By Fiona Holmes, proposition communications manager When I first took out critical illness cover, I was overwhelmed. It wasn’t just the form filling, it was finding out about the sheer number of illnesses I was covered for. Did it give me peace of mind that I was covered for neuromyelitis optica or systematic lupus erythematosus? […]


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