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OFT issues lock-in guidelines

The OFT has issued a set of guidelines on the rates banks and building societies can charge savers and borrowers “locked in” to their mortgages.

Consumers can face penalties for paying back a mortgage early or lost interest if savings are withdrawn.

The guidelines include notifying customers 30 days before rates are changed and then allowing them the following three months to repay the whole loan without incurring any penalties.

OFT director general John Bridgeman says: “It is unacceptable for banks and building societies to vary interest rates uncompetitively for those locked in to accounts.”


Fleming ad boost to S&P Isas

Fleming Asset Management is splashing out £3m on an advertising campaign as it bids to boost sales of its Save & Prosper Isa funds.The fund manager says it is launching the ISA season marketing offensive to promote its Save & Prosper Premier Equity Growth Fund and Its Save & Prosper Japan Growth Fund.It says the […]

Gartmore may face £11bn loss

NatWest has refused to guarantee Gartmore will be re-hired to manage its £11bn pension fund after it is sold to Royal Bank of Scotland.If NatWest ditches Gartmore next month, the fund manager could face loosing up to one fifth of its assets under management, bringing the total to under £40bn from £50bn.The reduced figure could […]

“Bricks and mortar” tracker launched

Abbey National is launching a new savings bond to track the value of house prices, allowing investors to capitalise on the continuing price boom.Investors in the House Price Growth Bond will get their initial investment back plus a return of 1.2 times the increase in Abbey&#39s UK house price index.Abbey says the product is suited […]


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