Lloyds TSB to target Scots Muslim community with new services

Published on Sunday 9 April 2006 00:41

LLOYDS TSB is launching two new initiatives for Scots with links to the Indian subcontinent this week. Tomorrow the bank embarks on a roadshow aimed at explaining Islamic banking products to Glasgow's 21,000 Muslims.

As well as explaining Sharia mortgages and current accounts, advisers will also be on hand to explain the bank's new Sharia child trust fund, which is offered in conjunction with The Children's Mutual.

In a separate development, the bank will also launch an India Banking Service which offers free money transfers between the UK and India, together with a rupee mortgage for Indian property purchases.

James Lewis, head of Lloyds TSB's India Banking Service, said: "There are now more than one million Indians living and working in the UK. However, the community's links with India remain solid and many British Indians have businesses, investments, properties and families back home which they continue to finance. The India Banking Service is designed with the needs of this community in mind and should help people across the UK get the most out of their money."

The roadshow is being held from 6.45pm to 9.30pm at the Kabana Restaurant, 64 Seaward Street, Kinning Park, Glasgow.

Alternatively, anyone interested in the India Banking Service can call 0845-600 9634 for more details.

Protection racket

MIKE Weir MP, SNP spokesman on work and pensions, is one of 34 Members of Parliament who have signed up to an early day motion calling for increased protection for consumers buying life insurance and health and income protection policies.

Kevin Carr, a director at financial adviser LifeSearch, has been instrumental in bringing the motion. He explained: "We have long campaigned to stop what we consider to be the misbehaviour of non-advisers such as supermarkets and websites in selling the wrong types of policy to innocent consumers promoted by shrewd marketing."

The motion calls for the law to be changed so that websites and other non-advisers selling protection insurance have to point out to consumers that they have less protection than those buying via an adviser.

Second time lucky

FOR the second month in a row a Scot has scooped the 1m Premium Bond jackpot. This month's winner comes from Glasgow, and has chosen to remain anonymous.

He did admit to being "stunned", adding that he had always thought that only investors with 30,000 (the maximum amount allowed) of premium bonds ever won the top prize.

National Savings & Investments, which runs premium bonds, has also pointed out there are 3,000 unclaimed premium bond prizes won by Glasgow residents - including one for 200,000.

Pensions 'boosted'

THREE-QUARTERS of all Scots saving into pension schemes will be better off as a result of changes to UK pension law introduced last week, according to consulting group Mercer Human Resources.

Tim Keogh, worldwide partner at the group, said much of the attention has focused on a few high earners that might face a higher tax bill, but the overwhelming majority would be better off in respect of their retirement as a result of A-Day.

Most pension schemes have responded by making changes to the size of the tax-free cash lump sum a member can take at retirement, allowing for larger sums to be taken up front in return for a reduced pension.

Credit for loyalty

SUPERMARKET giant Tesco has said it is "giving something back" to its loyal credit card customers.

A third of credit card customers fail to pay off their credit card balance in full each month, collectively clocking up a staggering 250m in interest.

The supermarket chain has decided to reward these customers for their loyalty by giving them back one month's interest each year on the anniversary of the date when they took out the card.

The card also comes with 0% on balance transfers and purchases until January 1, 2007.

However, consumers who have still not paid off their balance by January might find they are better off swapping to another 0% balance transfer offer, rather than continuing to pay off interest at the going rate of 12.9% simply to qualify for one month's interest back.