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Scarborough Channel Islands launches new savings suite

Scarborough Channel Islands has launched a suite of savings bonds with the option for customers to fix their rate for six months, one year or two years.

Interest rates for the new products range from 6.10 per cent for a six-month fixed interest bond to 6.40 per cent for two years.

The bonds are available with a minimum opening balance of £5,000, up to a maximum of £1,000,000 and no withdrawals or deposits are permitted after opening.

SCIL general manager Mark Marsden says: “Through these outstanding products, we are seeking to pass on the benefits of the current rising interest rate environment to our customers – coupled with the certainty of knowing what their returns will be for a set period of time.

“They are also part of our ongoing intention to continually enhance and develop our products and service to ensure SCIL remains continues to offer some of the most attractive offshore deposit options around.”


Two firms face enforcement action over unauthorised overdraft charges

The FSA has started enforcement action against two firms following its investigation into the way companies handle complaints about unauthorised overdraft charges.In a letter to the chief executive officers of firms which provide current account services, FSA managing director of retail markets Clive Briault says that in “some firms it found significant deficiencies and important […]

Selestia believes it is on the right trail

Skandia says it does not expect to lose business as a result of the decision to cut trail commission on some funds following its merger with Selestia.Head of platform marketing Peter Jordan says the decision was made to prevent legacy issues arising from the different trail rates paid on some funds by the two platforms.He […]

On the level

Bottom-up investing comes to the fore as several forces are distorting European valuations

F&C placed on S&P CreditWatch after RAM deal

Standard & Poor’s Ratings Services has placed F&C Asset Management on CreditWatch with negative implications after the announcement that it is to combine with Resolution Asset Management.S&P says the combination of F&C with RAM should bring benefits in terms of critical mass and cost efficiency and F&C’s strategy remains unchanged.But it says is unclear whether […]


Guide: day-to-day tasks ​— can your system manage?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.


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