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Nationwide demutualisation campaign setback

The campaign to demutualise Nationwide suffered a setback as Stephen Major, the plumber from Northern Ireland, withdrew his support.

Major, who led the campaign that brought about Bradford & Bingley&#39s conversion last month, said he did not think the campaign would succeed and now believes that any windfall will not compensate for the loss of higher rates of interest paid to savers and lower rates for mortgages.

Andrew Muir, the recruitment consultant from Slough who led the close-run attempt to convert Nationwide in 1998, will continue the fight.


James Hay sipps the fruits of external funds

Cocken says: “James Hay’s reputation of poor service is not justified as far as I am concerned, as I have always found it to be efficient and accurate with the information it has provided to me. As long as you see the company as administrators and not as an insurance or investment company, you shouldn’t […]

Broadband leaders

The two most common complaints I hear from IFAs about online services are that they are slow and phone charges can make them expensive. Both are valid criticisms. It is not without reason that all too often the internet is referred to as the World Wide Wait. Equally, the historical practice of charging for local […]

Equitable policyholders asked to accept lower payments

The FSA is hoping Equitable Life policyholders will be prepared to accept lower payouts in an attempt to make the troubled insurer more appealing to potential purchasers, according to the Sunday Times. Mellon Financial Corporation, a large American group, and Dutch insurer Aegon are both thought to have an interest in purchasing Equitable, but an […]

ScotLife changes terms of GPP contracts

Scottish Life announced changes to the terms of some of its grouped personal pension contracts to reflect the present position with regard to stakeholder pensions. Changes are being made to terms for new entrants to GPP schemes, which ensure that Regulatory Update 64 conditions are satisfied. Changes are also being made to ScotLife&#39s increment guarantee […]

FAMR – a familiar response

Pension specialist Fiona Tait takes a look at the Financial Advice Market Review and assesses the three areas where it suggests improvements can be made With significant budget changes ruled out (for a while anyway), the pension community briefly turned its attention to the FCA’s final report on its Financial Advice Market Review (FAMR), hoping […]


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