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Egg reduces pre-tax losses

Egg has reduced its pre-tax losses by 43 per cent to £87.8m in 2001 from £155.3m the previous year.

The internet bank which is 79 per cent owned by the Prudential also saw its operating income up 103 per cent to £189.4m from £93.2m in 2000.

Egg chief executive Paul Gratton says the bank acquired 600,000 net new customers during the year increasing it to a total of 1.95m.

Egg Mortgages grew 18 per cent with its book reaching £1bn from £847m in 2000.


Policy Portfolio offers free Tep guide

Policy Portfolio is offering IFAs a free guide to cashing in end-owment policies to help clients who may have recently been made redundant.The company says significant jobs cuts are raising questions about how to fund periods of unemployment.It says many IFAs will have clients who have been compelled to liquidate some of their assets, in […]

Scottish Widows launches new ad campaign

Scottish Widows is launching a campaign to promote its new and existing income products. Starting next month, the campaign will promote Widows&#39 high income bond Isa, which has a Standard & Poor&#39s AA rating, and its new mid-yield, mid-risk strategic income Isa. It will also promote Widows&#39 corporate bond Isa. The campaign will be billboard-led […]

Outside edge – Garry Heath

It is a basic principle of an ordered and civilised society that those who want to change the status quo are required to explain the proposals in detail so that those who are affected can judge whether they are being off-ered progress or a return to a darker age.In proposing CP121, the FSA has singularly […]

Heath quits Portfolio to expand Impartial

IFA stalwart Garry Heath is quitting as managing director of Bankhall subsidiary Port-folio Member Services to become chairman of financial services consultancy and media group Impartial.Impartial was set up last summer by Heath and former IFA Portfolio managing director Mike Owen, targeting IFAs and life offices as clients. Heath will now take a hands-on role […]


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