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Leeds & Holbeck introduces two new mini cash Isas

Leeds & Holbeck Building Society is introducing two new mini cash Isas for customers with very different ideas of risk.

The tracker Isa is aimed at the cautious investor and will track the Bank of England base rate for three years.

The FTSE Isa, on the other hand, is for the more adventurous investor. This will give a return of 29.5 per cent over a three year term. However it will only give this if the level of the FTSE 100 index after three years is higher than the starting level. There is no minimum level that the FTSE 100 must rise by.

In the event that the FTSE 100 index stays at the same level or decreases, the investor&#39s original capital will be returned in full.

Achieving the 29.5 per cent return is feasible because the FTSE has been stable over the long term. It has not seen any major swings, although there is always the possibility of a crash right at the end of the three year term. From August 15, 1997 to August 17, 2000, the FTSE went from 4865.8 points to 6532.05 points.


Polarisation campaign to open up the debate

Money Marketing this week launches its Poles Apart campaign in a bid to inject some sense into the polarisation debate.The aim is to push the debate out of the smoke-filled rooms of the Treasury and the FSA and into the public domain. Obviously, any change to the regime should wait until a proper assessment of […]

Abbey to outsource mortage processing

Abbey National is working on plans to outsource the running of its mortgage processing, credit card and general insurance operations in a bid to slash costs by up to £150m a year. It is understand the high street bank is in talks with EDS, the American computer specialist, about taking over its mortgage processing system. […]

MCCB&#39s move to jettison bad IFAs

The Mortgage Code Compliance Board is gearing up to weed out bad mortgage intermediaries from the good by introducing “fit and proper standards”.The initiative has been met with relief from IFAs who say they welcome any move to give the industry a more professional image and stamp out bad practice. The MCCB proposes the first […]

Slick as a Pareto

Life will continue to be made more difficult for IFAs. Among the factors at work here are: New technology (delivering cheaper sales and servicing).Prescribed levels of charges on stakeholder and Catmarked products (reducing margins).Increased competition from non-financial services groups (mostly abandoning IFAs as a route to market in favour of their own distribution).To combat these […]


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