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Egg losses increase

Egg, the internet bank reported a loss of £80.7m in the six months to June, bringing its total losses so far to nearly £295m.

Losses were greater than expected by the online arm of Prudential.

On the news, share prices tumbled another 5 per cent to 128p from 134.5p. This means the shares have lost 32p from their issue price of 160p when Egg floated last month.

Egg chief operating officer Paul Gratton dismissed the latest events. He says: “The market will do what the market will do. Our job is to manage the business and keep the promises we made at the time of the float.”


Lincoln Financial Group has introduced the global opportunities portfolio

Global opportunities is a unit trust aimed at investors who are looking to broaden their portfolios and who are happy to accept slightly high risk over a long term basis.It invests in four other Lincoln unit trusts, growth, European, Japan and internet tollkeeper, and aims to provide capital growth by investing in both traditional companies […]

Insurance website scores one million hits

Goodfellow Group managing director Simon Burgess says the success of its Securityfirst website shows hands-off marketing tactics are working.The three-month old website has registered more than a million hits bringing premium sales income to nearly £3m.Burgess says: “One does not need to exploit clients to generate significant profits. Banks and building societies take anything up […]

Lenders to bid for business on the net

Mortgage 2000 has set up a free supermarket auction-type website for IFAs which claims to offer the chance to source the best mortgage rates while earning commission.IFAs&#39 clients complete an online proposal form which is designed to take around 10 minutes. The lenders then bid for the business through the site and the company can […]

B&B is set to rethink stakeholder strategy

Leading national IFA Bradford & Bingley believes it may have to change the way it operates to gain a strong foot-hold in the stakeholder pension market.The company is looking to manage its stakeholder business through more cost-effective channels.Such a move could see B&B turn its back on traditional individual face-to-face advice on stakeholder as margins […]

Retirement - thumbnail

A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


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