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Egg cracks interest rates

Egg is cutting its savings rate by 0.15 per cent from May 17.

The cut follows the 0.25 per cent reduction in the Bank of England&#39s base rate announced on April 8.

The annual rate on the Egg savings account will reduce to 5.85 per cent gross. The egg cashcard account rate will fall to 5.35 per cent a year gross.

Egg will continue to guarantee the rate on the savings account will remain 0.5 per cent above the base rate until January 1, 2000. The cash card account will be at least the equivalent of the Bank of England&#39s base rate for the same period.

Following this Egg will guarantee that until January 1, 2001 the rate on the non cashcard account will be at least the same as the Bank&#39s base rate. The rate on cashcard will be no lower than 0.5 per cent below the base rate.


MGM Assurance appoints head of training

MGM Assurance has appointed Mark Scott as head of sales training.Scott joins the life office from Standard Life where he previously managed its London training centre. He has also worked as a field operations manager and IFA account manager.His responsibilities will include helping the companies agents comply with training and competency requirements. Also in line […]

Wesleyan appoints Zinc to redevelop website

Wesleyan Assurance has awarded new Media agency Zinc the contract to redesign its internet site.Zinc won the contract in a three way pitch. It will have responsibility for all media planning site design, strategy and IT integration and will spend eight weeks redesigning the site.Zinc will also have the responsibility to redevelop the website for […]

Ernst & Young to study the use of e-commerce in financial services

The Government has appointed management consultancy Ernst & Young to assess the implications of electronic commerce on the retail financial service sector.The move follows Prime Minister Tony Blair&#39s recent announcement of the formation of a project designed to ensure the UK benefits from the worldwide growth in e-commerce.The study will be conducted by the Cabinet […]

Scottish Mutual issues advice on dealing with angry IFAs

Scottish Mutual has issued broker consultants guides on how to deal with angry IFAs and policyholders following &#34mistakes&#34 leading to a run of poor protected fund performance.The life office admits in the memos, obtained by Money Marketing, that it made &#34wrong&#34 investment decisions which has led to recent poor performance of its Controlled Risk and […]

CGT entrepreneurs' relief

Entrepreneurs’ relief is due, subject to meeting certain conditions, in respect of capital gains arising on ‘material disposals of business assets’. These ‘business assets’ include: Read more


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