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Nationwide facing big loan redress bill

Nationwide could face a substantial compensation bill after the Financial Ombudsman Service ruled it should compensate a borrower it barred from switching to its base mortgage rate.

In a decision which mirrors a similar ruling against Halifax last month, the FOS has ruled that Nationwide should have given existing borrowers on special deals access to its lower variable rate.

The ruling, if confirmed by the ombudsman, could open the floodgates to thousands of the society&#39s borrowers agg-rieved that its dual variable policy does not apply to them. Nationwide plans to appeal but the FOS says it is unlikely to overturn the initial ruling.

A Nationwide spokesman says: “We are surprised and disappointed at the decision and will continue our discussions with the ombudsman.”

Nationwide revealed this week that house prices in September rocketed by the highest monthly amount since June 1993 despite fears of a sharp slowdown following the terrorist attacks in the US.

Its property index shows that the average UK house price leapt to £92,432 last month from £90,361 in August.

Group economist Alex Ban-nister says: “Our view has been that the housing market would slow during the second half of 2001. It is possible that events in New York may slow the market more quickly but since we expect only a modest increase in unemployment, we do not anticipate widespread problems for homeowners in paying their mortgages.”


Small is good for Isis

Isis, the new subsidiary from Friends Ivory & Sime, is focussing on the smaller end of the UK market with its new fund.The UK smaller markets fund is an open-ended investment company aimed at the more sophisticated and experienced investor seeking growth. Nicholas Malins-Smith will manage the product in London.The majority of the stocks the […]

FSA issues with-profits classification document

The FSA has published an exhaustive description and classification of with-profits policies.The 32 page document aims to provide a broad classification of the different types and features of with-profits policies, and the most common methods of operation of a with-profits fund containing such policies.

IFAs feel the sway towards multi-ties

While the future of polarisation is still under consultation, it is clear from the findings of Money Marketing&#39s research that IFAs are taking possible changes to the regime very seriously.The research was carried out by financial services consultancy Sway to investigate IFA attitudes to polarisation and multi-ties.Sway sent out questionnaires to RIs asking them to […]

Equity fund investors stay calm

Investors in UK equity funds are remaining calm despite recent market volatility, according to research from Fidelity Investments.The survey, carried out in September, shows that 44 per cent of IFA clients say they have not changed their view of the long-term benefits of investing in equities despite recent events in the US.The survey of 1,000 […]

Sierra Leone cover image - thumbnail

White paper — Sierra Leone International Insights

Jelf Employee Benefits assesses the areas that employers should be aware of when considering operating in Sierra Leone, including healthcare access, delivery and insurance provisions. This report draws on various sources to highlight specific considerations for this emerging jewel in West Africa.


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