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Standard Life Bank hikes interest rates

Standard Life Bank is hiking the interest rates on its mortgages and savings accounts following the Bank of England&#39s decision to raise its base rate.

The move will see the bank increase the interest rate on its Direct savings Account to between 5.25 and 5.45 per cent from between 5.1 and 5.28 per cent depending on the size of the deposit.

Mortgage rates jump 0.22 per cent to 6.1 per cent from 5.88 per cent, but the rate for new loans will continue to be discounted by 0.89 per cent for the first six months.

Standard Life Bank managing director Jim Spowart says: &#34Since launch we have shown our commitment to all our customers by being among the first to drop our mortgage rates when the Bank of England has cut rates, while delaying any changes to our savings rates.

&#34However our stance has always been to maintain the competitiveness of all our mortgage rates over the long term, avoiding the loss-leader tactics of some other players in the marketplace.&#34


Pension fund managers achieving strong performance

Actively managed pension funds have out-performed their benchmark indices for the first half of the year according to a report in today&#39s Financial Times.The report based on figures from consultancy WM Company reveals pension funds achieved a total return of 3.7 per cent in the second quarter of the year. This return was on top […]

AITC launches IFA Marketing Club

The AITC has developed a programme for IFAs to help them capitalise on potential business opportunities thrown up from its new &#34its&#34 marketing campaign launched later this year.IFAs wanting to participate in the &#34its Marketing Club&#34 programme will receive regular information from the AITC plus a newsletter and access to an extranet internet site.Advisers who […]

Britannic pays out £6m in endowment review

Britannic Assurance has been hit with a £7m bill thanks to computer hiccups and poor endowment sales practices. The life office, which has recnently made a push into the IFA market, set the aside the cash in its 1998 reserves. Some £6m is being handed out to industrial branch customers with 15 year endowment product […]

Self regulation attacked by Trading Standards

Trading standards officers have unleashed an unprecedented attack on brokers and self regulation following a covert survey which revealed systematic mortgage misselling. The survey of 166 brokers by the Local Authorities Co-ordinating Body on Food and Trading Standards, the national co-ordinator for trading standards, found brokers were either unfamiliar with the Council of Mortgage Lenders […]

Who cares?

By Tracey Dickson, marketing consultant There are almost 7 million carers in the UK – that’s around 10 per cent of the population who provide unpaid care for a disabled, seriously ill or older loved one.1 But according to a report from the charity Carers UK, 20 per cent of people providing 50 hours or more of care […]


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