View more on these topics

Friendlies angry over Govt barring gateway

The Association of Friendly Societies has attacked the Government for using HBOS “fat cats” to pilot the savings gateway scheme.

AFS president Colin Paskell is disappointed that the Government has failed to involve friendly societies in the project. He says the Treasury ignored repeated requests from the AFS not to restrict the pilot to a single provider.

Under the scheme, people can make savings of up to £25 a month and £1,000 over five years, with the Government matching the deposits pound for pound. It was announced in the Budget that the Government will use Halifax to try out the scheme.

Four pilot schemes will be run in Gorton, Tower Hamlets, Cumbria and Cambridge-shire, starting in August and running until early 2005.

Speaking at the annual conference of the National Deposit Friendly Society, Paskell said the target market for the scheme – those on low incomes – matches the environment that friendly societies work in, which also has the advantage of mutuality.

National Deposit chief executive David Foster has given his support to Paskell, saying the Government is wrong to spurn the experience of friendly societies in this area.

He says: “Being part of HBOS, which recently attracted 25 per cent shareholder opposition to plans to pay its chief executive and his deputy £10m each over the next few years, the Halifax sets a remarkably poor example for those struggling to save on low incomes. Fat chance of encouraging savings in disadvantages communities with these &#39fat cat&#39 payments in the public eye.”

Recommended

Royal Bank of Scotland – Guaranteed Income and Growth Account

Wednesday, June 5, 2002Type: Guaranteed equity bond and high interest accountGUARANTEED EQUITY BONDAim: Growth linked to the FTSE 100 indexMinimum-maximum investment: £5,000-£500,000Term: Three yearsGuarantee: Capital returned in full at end of term regardless ofmovement in FTSE 100 indexReturn: Capital returned in full along with 50% of any growth in FTSE100 indexClosing date: Until further noticeHIGH […]

Equitable can not lay blame on IFAs

I read the article headlined, Equitable Life accuses IFAs of urging policyholders to quit (Money Marketing, May 30) with interest and anger.I can understand Equitable Life being worried about its members now jumping ship due to fear about its current and future viability but to blame IFAs for encouraging this to happen is a bit […]

Homeowners strike gold in Jubilee year

House prices in the UK are 54 times higher than when the Queen came to the throne in 1952, according to Nationwide Building Society.Its analysis of the housing market reveals that the average property price rose by 2.1 per cent to £102,086 in May from £100,726 the previous month.Annual house price inflation increased to 17.9 […]

L&G refuses to pay critical child claim

Legal & General is refusing to pay out a £15,000 critical-illness claim for a child diagnosed with bacterial meningitis in March 2001 despite stating the condition was covered on its key features document.IFA John Lismore Associates arranged critical-illness cover for a couple and their children in May 2000. Ten months later, their daughter was found […]

Help, I’ve been appointed as a trustee. What are my responsibilities?

Graeme Robb, Technical Manager at Prudential looks at the key duties and responsibilities of a trustee.  This article will consider the following: Duties to be performed on appointment Investment duties Protecting the interests of beneficiaries Keeping accounts and records Distributing property to beneficiaries Duties to be performed on appointment Obtain a copy of the trust […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com