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Nationwide preparing for £250m FSCS levy

Nationwide is estimating its Financial Services Compensation Scheme levy could be as high as £250m.

The society’s full year results for 2008 are not out until the end of May and although it still expects to make a profit it says the levy will claim a significant chunk of any profit.

A spokesman for Nationwide the country’s biggest society, says like other societies it feels the levies are disproportionate.

He says: “We knew the levy was coming so we have prepared for it, but we feel the allocation of the levies is disproportionate and has an unfair impact on low-risk, predominantly retail-funded institutions.”

The charge will also include around £13m from levies relating to Derbyshire and Cheshire which Nationwide acquired in September last year.

Ann Cryer, Labour MP for Keighley has launched an Early Day Motion against the fees and already gained the support of 159 MPs.


Look East and pray China pulls through

Will US President Barack Obama’s massive economic rescue plan lift the world out of the slump? While the UK slides into the unknown with a programme of quantitative easing, the smart eyes are not looking to the West but the East.

Days of the broker are not numbered

Some people are suggesting the rise of the internet comparison site could spell the beginning of the end for brokers. But advisors do far more for customers than just find the best deal

Coreco Group joins Mortgage Advice Bureau

Coreco Group, the breakout venture initiated by some of the former senior management team and key consultants at Cobalt Capital is to become an appointed representative of the Mortgage Advice Bureau.

Identifying best-in-class UK stocks — Mark Martin, Neptune UK Opportunities Fund

FE Alpha Manager Mark Martin assumed management of the multi-cap UK Opportunities Fund at the beginning of February. As manager of the highly regarded UK Mid Cap Fund, Martin has begun restructuring the new portfolio to focus on our very best UK stock ideas from across the FTSE All-Share Index. In this video, update Martin addresses:

– Themes informing the UK Opportunities Fund
– The multi-cap structure of the fund
– UK equity valuations


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