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Nationwide scraps dual variable rate

Nationwide is scrapping its dual interest rate policy and moving all borrowers to its base mortgage rate after the Financial Ombudsman Service branded the system unfair.

With effect from April 1, Nationwide is withdrawing its higher standard variable rate and switching borrowers with deals linked to the SVR to its base rate, which currently stands at 4.74 per cent.

The SVR was 0.5 per cent higher.

The move follows a recent ruling by the ombudsman that a Nationwide customer with an SVR-linked mortgage should have been allowed access to the base rate.


NU allows online term assurance

Norwich Union is launching a new service to allow IFAs to submit term assurance online. NU says the service can process applications from start to finish in around 15 minutes. It is available through its extranet site at The move comes after NU&#39s research found that 41 per cent of IFAs believe it takes […]

Birchin in moves to buy up big IFA or network

Aim-listed financial services investment group Birchin International is in negotiations to buy a national IFA or network in a bid to become a major player in the market.Birchin, which is valued at £17m, announced last week that its target was an unquoted company of such a size that the acquisition would amount to a reverse […]

Man looks to the future

Man Investment Products has introduced a fund of managed futures and hedge funds constructed as a Bermuda-based capital guaranteed bond.Man AP strategic series 1 is available in two currency denominations, euros and dollars, although investors may choose a combination of the two. The target return is between 14 per cent and 16 per cent and […]

Stop moaning and face up to change

I have been staggered by the amount of negative responses from the IFA community to the FSA&#39s recent proposals which have appeared in the trade press in the last two weeks.It is time that those who only seek to protect their vested interests in the status quo should shut up and not get in the […]


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