View more on these topics

Loan business still strong for societies and banks

Lending by building societies rose in August compared with the same month last year but showed a fall from July this year.

Building Societies Association&#39s seasonally adjusted figures show society gross advances totalled £3.6bn in August, a rise from £3.2bn in August 2002, but down on this July&#39s total of £3.8bn. Net advances were £1.4bn, up from £1.1bn last year.

Approvals for loans increased to £4.3bn from £3.2bn last year.

In the savings market, net inflows fell to £288m from £832m last year.

Figures from the British Bankers&#39 Association echo this trend and show a rise in mortgage lending of £5.3bn, which was slightly weaker than the July figure but above the recent monthly average of £5bn.

BBA director of statistics David Dooks says: “Although the major banks&#39 mortgage lending was slightly weaker in August, the trend remains strong and robust. Other lending to individuals, through personal loans, overdrafts and credit cards rose by a similar amount to July, as customer demand appears to be fairly steady in that area.”

BSA director general Adrian Coles says: “Building societies continue to power ahead in the very competitive mortgage market. Consumers clearly know a good deal and are turning to building societies in increasing numbers. Overall confidence remains high in the market.”


Isle of Man finance appoints business development manager

Isle of Man Finance has appointed Brian Donegan to the new post of business development manager.Donegan&#39s role will be to promote and advise on the development of the island as a financial services centre, particularly focusing on how the island can best meet the requirements of the international financial service industry while also maintaining its […]

What&#39s so professional about fees?

I came to page 13 of the September 11 edition of Money Marketing and the angels sang and heavenly light poured out as I read the article about fees and commission – Professionals prefer impartial fee-based advice.What is wrong with these people? First, the implication is that we thousands of honest and hard-working IFAs who […]

FTSE rally to last through the autumn says SVM

SVM Asset Management believes there is a growing belief in the market that the recent rally in the FTSE could sustain itself throughout autumn. Since the start of year the FTSE has experienced an 8 per cent rise with the FSTE All Share increasing by 10.5 per cent and the FTSE 250 up 26 per […]

New Winterthur sales director

Winterthur Life UK Limited has appointed a new director. Former Winterthur Life head of individual sales David Thompson has been promoted to sales director, with responsibility for Winterthur&#39s distribution in the UK market.Winterthur Life chief exectuive Mike Kellard says: “David has made a tremendous impact on the company&#39s sales strategy over the last four years. […]


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