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Halifax moans about copying lenders

Halifax is moaning its rival lenders jam its switchboard looking for guidance whenever the Bank of England alters the base rate.

The UK’ largest lender is having a pop at its arch rivals for adopting a ” see what mummy is doing’ attitude whenever there is a base rate change.

It claims every time the base rate changes, its rivals wait for it to announce what alterations it is making to mortgage rates before deciding on their own strategy.

On September 8, Halifax was the first lender to react to the base rate increase, hiking its variable rate by 0.14 per cent to 6.99 per cent.

Later the same day Lloyds TSB Group, Barclays and Bank of Scotland all increased their standard variable rates 0.25 per cent.

Halifax head of mortgages Phil Jenks says: ” the day of a base rate change we take calls from every major player asking if we have decided our position.

” would have been very interesting if we had increased by 0.25 per cent this month to see what the others would have done.”

An Alliance & Leicester spokesperson says: ” the big players are doing is one factor in helping the middle sized and smaller players decide what they are going to do.”


City of London Investment Management appoints head of sales and marketing for UK and Europe

Specialist emerging markets fund manager City of London Investment Group has appointed Paul Hyde as its head of sales and marketing for the UK and Europe.Hyde joins the fund manager from Henderson Crosthwaite where he was marketing director.His responsibilities will include promoting the company&#39s funds to institutions and other investment managers as well as new […]

Sarasin brings new dimension to technology funds

Sarasin Investment Management has launched a new international equity fund which will invest in companies at the forefront of the e-commerce and internet revolution.The Sarasin WebS@r differs from other dedicated technology funds as its investment strategy will not be built around pure internet stocks.Instead the fund will invest in blue chip stock of companies aiming […]

Portman Building Society chief exec to step down

Portman Building Society chief executive Ken Culley has announced he will retire at the end of the year. He has been in the role for 16 years.His replacement will be the society&#39s current group operations director Robert Sharpe.Sharpe will become deputy chief executive with effect from October 1 and will succeed Culley on January 1, […]

Hill Samuel chief exec quits

Hill Samuel Asset Management chief executive has quit over rising tensions in the wake of the Lloyds TSB and Scottish Widows takeover according to the Financial Times.The report says Barry Southcott&#39s resignation took Lloyds TSB by surprise as he was expected to head up the combined Lloyds and Scottish Widows fund management business as managing […]

The curious market reaction to Brexit

Written by Mike Riddell29 June 2016 Headlines over the past few days have screamed about record falls in sterling, record low bond yields and massive falls in equity prices. However, if you take a slightly longer view of markets rather than simply the one- or two-day reaction, I think it’s amazing how little markets have […]


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