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Chelsea uses results to fend-off carpetbaggers

Chelsea Building Society is using its 1999 results to try and dash the hopes of carpetbaggers forwarding a demutualisation resolution at its AGM in April.

The eighth-largest building society says its pre-tax profits in 1999 soared by 16 per cent to a record £38.9m, while gross mortgage lending rose 31 per cent to £966m from £739m in 1998.

Chelsea chief executive Michael Bage issued a warning to carpetbaggers saying: “The ability to operate with this clear competitive edge is reflected in our results, proving beyond doubt that mutuality pays.”


FSA issues high income caution

The FSA is reminding consumers on the risks of high-income products amid fears they don&#39t fully understand them.The regulator&#39s caution follows its own qualitative research of 40 investor interviews showing investors associate high risk with return and do not fully digest the small print.The study also showed the charging structures of high income products are […]

The Woolwich – One Year Fixed Rate Bond (inserted 21/2/2000)

Type: One year fixed rate savings account.Minimum-maximum investment: £500-£500,000.Interest rate: 6.65%.Term: 1 year.Offer period: Until further notice.Withdrawal penalties: No withdrawals permitted during term.Tel: 0800 222200.

OFT issues lock-in guidelines

The OFT has issued a set of guidelines on the rates banks and building societies can charge savers and borrowers “locked in” to their mortgages.Consumers can face penalties for paying back a mortgage early or lost interest if savings are withdrawn.The guidelines include notifying customers 30 days before rates are changed and then allowing them […]

Scottish Mutual declares £350m bonuses

Scottish Mutual life and pensions policyholders are set to receive more than £350m following the declaration of its bonuses.Life customers will benefit from bonus rates of six per cent while pensions policyholder rates will be 6.75 per cent.The life office says this compares well with competitors which are offering rates below six per cent.Scottish Mutual […]


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