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Portman to cancel TESSA transfer penalties

Portman Building Society is withdrawing the transfer penalties on all its variable interest rate TESSA products.

The move follows recent concern from the Banking Code Standards Board on transfer penalties.

As a result Portman is withdrawing the 180 days loss of interest penalty for customers closing or transferring their variable rate TESSA.

Portman Group Communications Manager John Gully says: ” I hope that our decision will reassure our variable rate TESSA holders that we intend to continue to pay consistently good rates of return and that we are confident of retaining their business.”


IFAs beware the pitfalls of ScotEq bond

I write to warn fellow IFAs of the problems I have encountered with Scottish Equitable and its Security Plus bond.My clients effected this contract in March 1998 and, in view of their need for caution, the 97.5 per cent guarantee contract was recommended. £15,000 was invested and, due to the fund&#39s non-performance, the value on […]

Personal pensions after stakeholder

What does the future hold for personal pensions in a stakeholder world?The individual personal pension rose out of the ashes of the section 226 contract back in July 1988. Until then, individual pensions were the domain of the self-employed and those in non-pensionable employment were not attracted to them in any large numbers.The reason why […]

Mortgage 2000 service calculates cost savings from remortgaging

Mortgage 2000 is introducing a service to help IFAs calculate whether their clients could save money by remortgaging.The Redemption Buster service allows IFAs to work out the savings that can be made by remortgaging with a competitive lender.IFAs enter details about their client&#39s current mortgage, the rate of interest they pay and amount of redemption […]

Is vision of unity with insurers PI in the sky?

The Financial Ombudsman Service chief ombudsman wants to forge a new relationship with IFAs free from the influence of PI insurers.But will his mission succeed given the difficulties with the PI sector and IFAs&#39 annoyance at having to pay £500 every time they are involved with a case that is taken to the ombudsman?Speaking at […]

Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.


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