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FSA proposes early introduction of compensation scheme

The FSA is proposing an early start for the new single financial services compensation scheme.

It wants to introduce the FSCS in February 2001 ahead of the full implementation of the Financial Services and Markets Act .

Under the proposals the new scheme would replace the Investors Compensation Scheme and other existing schemes would arrange for their operations to be managed by the FSCS.

FSA director of consumer relations Christine Farnish says “Establishing the new scheme early will enable the FSCS management team to get on with the important work of bringing existing schemes under one roof, ensuring smooth continuity of operations and facilitating planning for the new integrated scheme.”


Brown freezes out Isa calls

The Chancellor is seeking to bring more clarity for Isa investors but there are fears some of his proposals will adversely affect the popularity of the product.In his pre-Budget report, Chancellor Gordon Brown announced that the annual Isa allow ance will stay at £7,000 for the next five years. He lowered the age limit for […]

Standard Life Bank will not make profit until 2003

Standard Life Bank has announced it does not expect to make a profit until 2003, a year later than expected. The mortgage and savings bank blamed tighter interest margins and rising competition in the mortgage market for the setback. The bank says it expected to have deposits of £4.13bn on its books by the end […]

Mercantile brings in 2.35 per cent discount

Mercantile Building Society has brought in the 2.35 per cent discount mortgage.The mortgage offers a 2.35 per cent discount from the Mercantile&#39s standard variable rate, giving it a payable rate of 5.24 per cent for two years for loans up to 75 per cent of valuation. After this period the mortgage will revert to the […]

Edinburgh Fund Managers – Global Growth Portfolio

Wednesday, 15th November 2000.Type: Unit trust.Aim: Growth by investing in unit trusts and Oeics.Minimum investment: Lump sum £2,000, monthly £100. Isa lump sum £2,000, monthly £150.Investment split: US 50 per cent, Europe 20 per cent, UK 12 per cent, Japan 9 per cent, Pacific and emerging markets 9 per cent.Isa link: Yes.Pep transfers: No.Charges: Initial […]


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