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Standard banks on summer loan attack

Standard Life Bank is to launch a major assault on the mortgage market in August, offering IFAs commission and undercutting rivals&#39 interest rates by up to 1 per cent.

The fledgling banking arm, set up at the start of this year, believes it can win a major slice of the market by offering mortgages with rates of between 0.5 per cent to 1 per cent lower than the big high-street lenders.

IFAs are expected to get an up front fee plus commission on completed applications. Commission is likely to be a percentage of the size of the mortgage.

Standard says it plans to offer borrowers a range of standard variable rate and fixed-rate mortgages. It may also provide a flexible mortgage facility, similar to that offered by Virgin Bank which allows borrowers to use their loan like a current account.

Standard Life Bank general manager Jim Spowart says: "The rates will be very competitive and at the low end of the scale, between 0.5 and 1 per cent less than most of the competition."


CII bans candidate over exam cheating

A Chartered Insurance Institute examination candidate who sneaked in notes written on a handkerchief has been banned from taking any CII exams until October 2000. Pauline Jennifer Wood was disciplined after admitting the attempted cheat. The CII disciplinary committee also found Atul Patel guilty of changing a certificate to indicate a pass had been obtained […]

Winterthur reissues protected pension vehicle

Winterthur Life is rolling out the second tranche of its stockmarket pension fund which gives equity-linked growth with security. The fund is linked to the FTSE 100 index for five years and is available to all pension investors. Winterthur believes the fund is particularly suitable for self-invested personal pensions and small self-administered schemes. It guarantees […]

ScotLife hikes loanback fee

Scottish Life is more than doubling its charge for pension loanbacks to £250 after the Inland Revenue&#39s decision to clamp down on abuses in the market. The Pension Schemes Office announced a review of the loanback market last November after it raised concerns that the facility was being misused. Loanbacks allow clients to take out […]

Income drawdown – fact or friction?

In my article headlined Drawdowns and death (Money Marketing, February 12, 1998), I encouraged advisers to ensure they have control of all the facts relating to income drawdown, particularly when it comes to death benefits. My concern is that in three years&#39 time, or whenever, we will be required retrospectively to show that we have […]


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