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Hewitt warns mutuals that rules will not change

Economic Secretary to the Treasury Patricia Hewitt has warned mutuals that the Government is unlikely to change building society rules.

Speaking at The New Statesman&#39s mutuality conference in London, Hewitt said that mutuals cannot rely upon the Government to protect them from their members.

She said that current building society rules provide adequate protection from carpetbaggers because only the board of a building society can seek members authority to convert.


Leeds & Holbeck post 36 per cent record new business

Leeds & Holbeck&#39s mortgage lending increased by a record 36 per cent to £538m in 1998.Its savings balance rose £278m to £2.46bn and its total assets increased by 9.8 per cent to £3.12bn.Pre-tax profit increased by 26 per cent to £24.1m.

Revival for mid-caps predicted

Perpetual foresees an end to polarisation in the UK stockmarket as mid-cap shares return to favour.The fund firm has been one of the leading proponents of large caps, urging investors to avoid smaller companies.But UK fund managers Stephen Whittaker and Neil Woodford see an end to the two-tier UK market which has lasted 18 months. […]

Royal & Sun Alliance targets high net worth investors

Royal & Sun Alliance International Financial Services is launching a single premium investment plan aimed at high net worth investors.The Elite Investment Account has a minimum investment of £100,000 and no establishment charge or account fee. It has an ongoing administration charge of 1.2 per cent.General manager Simon Pack says: &#34We have developed this product […]

Baker Tilly buys Caswell & Co

Baker Tilly Financial Services has acquired Oxted based IFA Caswell & Co. The acquisition will be merged into the existing BTFS team strengthening the company&#39s 10 offices.

Graphic content – December; the countries most exposed to a rise in protectionism

President-elect Trump has suggested withdrawing from the North American Free Trade Agreement (NAFTA) and ending negotiations over the Trans-Pacific Partnership (TPP), albeit there is considerable uncertainty over what he will, or even can, do. If one of the main consequences of the election of Donald Trump is US protectionism, it’s worth considering who stands to […]


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