whistle7 Posted October 17, 2005 Share Posted October 17, 2005 I thought readers may be interested in the contents of a letter I received this morning from Abbey National with whom I hold a life plan. I'm sure many of Abbey's current and prospective mortgage customers would be interested in the level of confidence they display in the future of the property market. The letter is as follows; UPDATE FOR ABBEY NATIONAL LIFE WITH PROFITS POLICYHOLDERS I am writing to inform you of some changes to the way we manage our With Profits Fund. To comply with Financial Services Authority (FSA) regulations we are required to advise our customers of any changes that take place regarding how we manage the With Profits Fund. Therefore, I have enclosed a note on the changes to our latest Principles and Practices of Financial Management (PPFM), which describe how we manage the fund. Some of the changes outlined were effective from June 30th together with further amendments planned for December this year. One of the key areas affected relates to the fund's property investments. We recently made the decision to sell off the entire portion of the fund that was directly invested in property, giving us the opportunity to take advantage of current high property prices and reinvest this back into the fund. Depending on future developments in the property market, we may decide to reinvest in property indirectly (for example, buying shares in a property fund rather than buying real property). ... Yours sincerely, Paul Bradshaw Chief Executive Insurance and Asset Management Division Quote Link to comment Share on other sites More sharing options...
Limpet Posted October 17, 2005 Share Posted October 17, 2005 Ooooooooh Baby!!! Limpet Quote Link to comment Share on other sites More sharing options...
apom Posted October 17, 2005 Share Posted October 17, 2005 two things.. Well one thing.. That has to reasure you that your savings are safer with that lot.. Quote Link to comment Share on other sites More sharing options...
ʎqɐqɹǝʞɐɥs Posted October 17, 2005 Share Posted October 17, 2005 So on one hand they happily talk up lend over and above the odds to FTBers so that they can get on the ladder whilst back handedly pull out of the market themselves. Bankers! :angry: Quote Link to comment Share on other sites More sharing options...
Guest horace Posted October 17, 2005 Share Posted October 17, 2005 (edited) >>> shakerbaby Bankers! :angry: Tut, tut you spelt Bankers incorrectly. I`ll give you a clue so that you may remember in future... it begins with the letter W. horace Edited October 17, 2005 by horace Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted October 17, 2005 Share Posted October 17, 2005 So on one hand they happily talk up lend over and above the odds to FTBers so that they can get on the ladder whilst back handedly pull out of the market themselves. Bankers! :angry: Nobody forces the FTBers to mortgage themselves to the grave!! But I agree on the talking up bit! Quote Link to comment Share on other sites More sharing options...
ʎqɐqɹǝʞɐɥs Posted October 17, 2005 Share Posted October 17, 2005 >>> shakerbaby Bankers! :angry: Tut, tut you spelt Bankers incorrectly. I`ll give you a clue so that you may remember in future... it begins with the letter W. horace Youre talking Wollocks mate. Quote Link to comment Share on other sites More sharing options...
Guest horace Posted October 17, 2005 Share Posted October 17, 2005 LOL horace Quote Link to comment Share on other sites More sharing options...
dog Posted October 17, 2005 Share Posted October 17, 2005 This is priceless. Great post! Quote Link to comment Share on other sites More sharing options...
Jason Posted October 17, 2005 Share Posted October 17, 2005 (edited) This was big news earlier this year, but joe blogs was too bullish to notice: http://www.sundayherald.com/49214 http://business.scotsman.com/topics.cfm?tid=588&id=420322005 They're the most successful STRers I know of! Edited October 17, 2005 by Jason Quote Link to comment Share on other sites More sharing options...
Freelance Mycophagist Posted October 17, 2005 Share Posted October 17, 2005 (edited) The collective noun for a group of bankers: a 'wunch' Edited October 17, 2005 by Freelance Mycophagist Quote Link to comment Share on other sites More sharing options...
oracle Posted October 17, 2005 Share Posted October 17, 2005 wonder how long it will take joe public to "get the abbey habit". great post! Quote Link to comment Share on other sites More sharing options...
Guest horace Posted October 17, 2005 Share Posted October 17, 2005 LOL horace. Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted October 17, 2005 Share Posted October 17, 2005 shady Quote Link to comment Share on other sites More sharing options...
FTBagain Posted October 18, 2005 Share Posted October 18, 2005 Does anybody have any idea how much their property portfolio was worth? Quote Link to comment Share on other sites More sharing options...
bushboy Posted October 18, 2005 Share Posted October 18, 2005 Calm down Girls it was there entire COMMERCIAL property portfolio, hardly a house or flat in it. Quote Link to comment Share on other sites More sharing options...
bears all Posted October 18, 2005 Share Posted October 18, 2005 The collective noun for a group of bankers: a 'wunch' I knew of someone involved in a long and complex legal action concerning two finance houses. At the end of the trial the judge began his summing up as follows: "This case concerns - and I must choose my words carefully here - a parcel of warring bankers". Boom Boom! Quote Link to comment Share on other sites More sharing options...
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