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Woolwich loses contact for two days

Woolwich’s back office system for processing buy-to-let cases crashed for two days last week, preventing brokers from submitting new cases.

The system went down on Wednesday and was fixed by Friday morning after what the lender said was a technical fault and not the result of large business volumes.

During the two-day suspension, the system was only processing completions and critical cases and brokers were advised to hold off submitting new applications.
But a spokeswoman for Barclays says it was able to look at some cases on an ad-hoc basis.

The fault is the latest problem to besiege Woolwich’s buy-to-let service since increasing its maximum LTV for buy-to-let to 75% in November.


Service sector growth brings economic hope

Greater than expected growth in the service sector in December has raised hopes that the UK economy can avoid a contraction in Q4 2011. The Markit/Chartered Institute of Purchasing and Supply Purchasing Managers’ Index recorded a reading of 54 for December, up from 52.1 in November. Readings above 50 indicate growth. Chris Williamson, chief economist […]


Caption Competition

Newcastle United defender Steven Taylor celebrates as Virgin Money signs a two-year dealtosponsor the football club.

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Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.


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