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Net mortgage advances in December fall to lowest in 1998

The latest Building Societies Association figures shows gross mortgage advances falling to £1,487m in December 1998 from £1,622m in November.

The net figure fell to £120m from £534m, the lowest monthly figure for the whole of last year.

But in seasonally adjusted terms, the drop was only slight with net advances down to £527m in December from £597m in November.

In the savings market, societies attracted £545m worth of business in December up from £515 in November.

BSA director general Adrian Coles says: &#34On a seasonally adjusted basis December saw building society net advances fall to their lowest point for 1998. However, it is difficult to compare this annual low with other years because of large scale restructuring in the sector in 1997.&#34


Nat Mut launches campaign advising IFAs on changed drawdown regulations

National Mutual has launched a campaign to help IFAs remain compliant with PIA regulatory update 55 on drawdown which was issued last August.The campaign co-incides with changes the life office has made to its own drawdown contract.It now offers a self invested personal pension option supported by its own in-house administration team. It is also […]

Norwich Union cuts bonus rates but promises biggest ever payout

Norwich Union says that 70,000 people will benefit from a record £1.25bn projected maturity payout but it has cut its annual bonus rates.The annual bonus rates have been reduced to reflect expected lower investment returns. The savings rate has been cut to 5.5 per cent from 6.0 per cent. The pensions rate has been cut […]

Mercer calls for Government to own up on cost of stakeholder

Consultant William M Mercer has hit out at the stakeholder green paper warning that the inevitable result will be increased costs.It says that more information is required on costs and wants the Government to come clean over where the additional financial burden will fall.The consultant says that the cost of the pension will have to […]

Churchill launches guide to SIPPs

Somerset-based IFA Churchill Investments is publishing a guide to buying a Self Invested Personal Pension.The guide will urge consumers to consider SIPPs on grounds of investment freedom, control of money, low charges, tax savings and flexibility.&#34A Practical Guide to Self Invested Personal Pensions&#34 is available by calling Churchill Investments (01934 844 444).


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