View more on these topics

Life offices wasting £22m with outdated admin, claims BACS

Insurance companies are missing out on up to £22m in annual savings by failing to adopt modern payment methods, according to automated clearing house BACS.

The figure represents the costs involved in issuing cheques and includes the cost of stationery and administration rather than using the automated payment method direct credit.

BACS says the insurance industry issues 17 million cheques annually which equ ates to 40 per cent of all its payments. It claims that switching to dir ect credit would save life insurance companies £10.2m, general insurance £7.5m and private medical insurance £4.7m.

Direct credit allows organisations to make payments into a bank or building society acc ount.

BACS direct credit marketing manager Peter Blake says: “The insurance sector has made great strides in automation over the past few years but with 17 million cheques still in circulation, the industry still has a long way to go.”


Legal & General – Global Technology Index Trust

Wednesday, 15th November 2000.Type: Unit trust.Aim: Growth by tracking the technology section of the FTSE world index.Minimum investment: Isa lump sum £500, monthly £30. Direct lump sum £1,000.Investment split: 100 per cent tracking technology section of the FTSE world index.Isa link: Yes.Pep transfers: No.Charges: Annual no charge until April 6, 2001, then 1 per cent.Special […]

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 […]

Taste of technology for Enterprise

Enterprise venture capital trust has announced a new subscription of A shares for its venture capital trust.The venture capital trust will invest 80 per cent in unquoted companies in the UK and those listed on the Alternative Investment Market (AIM). It will also invest 20 per cent in fixed interest securities.The main focus is on […]

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 […]

Rayner Spencer Mills: Why we rate the Artemis US Select Fund

Ken Rayner and Graham O¹Neill from RSM explain why they rate the fund, its investment process and how it can be used in a portfolio The Artemis US Select Fund became a RSM ‘rated’ fund earlier this year. In this video, Ken Rayner and Graham O’Neill explain the fund’s investment approach, why they rate it, […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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