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Chelsea mutuality attacked at meeting

Chelsea Building Society has rejected a takeover proposal from the internet service provider Totalise.

The UK&#39s eighth largest building society has condemned the “blatant opportunism” that motivated the offer.

Chelsea has assets worth about £5bn, whereas Totalise, only eight months in existence, had a turnover of £61,000 and lost nearly £1m in is first half year.

Totalise chief executive Peter Gregory says the merger offers considerable opportunities to Chelsea members. He says the venture plans to set up an internet bank within four months and wants to have access to Chelsea&#39s customer base.

Chelsea chief executive Michael Bage says “There is no point even having discussions with them.”


Independent focus pays off as R&SA grows business by 85%

Royal & Sun Alliance achieved an 85 per cent increase in life and pensionbusiness through IFAs in the first quarter of the year.IFA business grew to £293m in the first quarter compared with £158m duringthe same period in 1999.Total UK life, pension and non-life investments were up by 76 per cent inthe first quarter against […]

Borrowers warned they could fall into flexible loan trap

IFAs are warning investors with flexible mortgages that they could be indanger of never paying off their debt and losing their homes.Troy French & Partners partner Peter French says flexible mortgages can bea trap and those living an extravagant lifestyle could find themselves outof their home after 25 years.The warning comes as more lenders say […]

Is trap springing on the boomtown rates?

The overheating housing market will cool down towards the end of the year,according to Nationwide Building Society.The first quarter of 2000 has seen the usual hot spots in the market butNationwide says the rate of house price rises is unsustainable.The South-east has continued to drive the trend, with prices up by 20.8per cent, followed by […]

Contender for London mayor is backing IFAs

Liberal Democrat candidate for London mayor Susan Kramer has backed IFAs,calling them ” a crucial part of the financial services sector”.She claims IFAs are necessary to help individuals who do not haveinvestment expertise. Kramer made the comments in an interview withMoneyMarketing while on the last week of campaigning in the race to becomethe capital&#39s mayor.Although […]


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