UK: RANGE OF ISAS OFFERED ONLINE IS LIMITED
Article Abstract:
Buying an individual savings account (Isa) online can be quick and convenient but not always cheaper. Isas can be bought from the provider, online banks, specialist web-only products and discount brokers. Often they offer a limited range of Isas online with many only available through traditional lines. The cost for investors wishing to buy their ISA direct from the fund manager means they are subject to a 5.25% charge on the initial fee and an annual management charge of 1.5%. Many providers adopt the same charges online although you should be looking to get 2% off the initial fee and 0.5% off the annual fee for buying online without advice. Mini-cash Isas are also available over the Internet from banks.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 2000
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EU: POSSIBLE AGREEMENT OVER SAVINGS TAX PLAN
Article Abstract:
European Union (EU) finance ministers were striving on 18 June 2000 to reach agreement over the tax on savings, with UK Chancellor, Gordon Brown, near to supporting the package of measures. The latest move to stop tax evasion across Europe would entail countries being called upon to swap data on the interest attained by non-European residents in their particular country. Four EU members had been pushing to safeguard banking secrecy via a withholding tax levy, understood to be 20%. However, the indications are that a fixed deadline of five years may be imposed for nations opting for the levy to transfer to the exchange of information idea.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 2000
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UK: BANKING OMBUDSMAN RULES ON TESSA ACCOUNTS
Article Abstract:
The Banking Ombudsman, which rules on complaints against banks and building societies, has published new rules on how it will deal with poor rates offered on their Tax Exempt Special Savings Accounts (Tessas). It is likely to force providers to pay compensation when customers have not received a fair rate of interest or where they have not been properly informed about their right to transfer to a new provider. The banks will need to respond to unhappy customers.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 2000
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