Britain's FTSE rises on insurers and banks, mid-cap index has record close

* FTSE 100 up 0.5 pct

* Insurance, financials support index higher

* FTSE 250 closes at record level

* Thomas Cook suffers on cautious outlook

* Miners tumble as copper prices turn down (ADVISORY- Follow European and UK stock markets in real time onthe Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets)

By Kit Rees and Helen Reid

LONDON, Feb 9 (Reuters) - Britain's top share index gainedon Thursday as insurance and banking stocks picked up pace,while miners weighed.

The blue chip FTSE 100 index was up 0.5 percent at7,221.77 points at the market close, underperforming thepan-European STOXX 600 index. It touched its highestlevel since Jan. 19.

The mid-cap FTSE 250 index reversed earlier lossesto gain 0.1 percent and post a new record closing level of18,627.59 points.

Standard Life was the top gainer in the index, up 2.6percent, with peer Prudential also gaining 2.1 percent.

Banking stocks were also up, getting a boost from U.S.President Donald Trump promising a "phenomenal" announcement ontaxes. Cutting corporate tax rates was one of Trump's keycampaign promises.

Royal Bank of Scotland was the top FTSE gainer, up2.5 percent, while Barclays gained 2 percent.

Among smaller companies, results weighed on travel firmThomas Cook. Its shares had their worst daily lossessince June, closing down 7.7 percent.

While the tour operator said that summer bookings were aheadof last year, early bookings strength in the UK had waned andThomas Cook was cautious on the outlook for the rest of 2017given an uncertain political and economic climate.

Security concerns in previously popular destination Turkeycontributed to Thomas Cook's shares losing nearly 30 percent oftheir value in 2016, though they recovered some ground in thesecond half of the year.

"The shares feel fully priced to us and a 50 percent rallypost-Brexit leaves the risk/reward skewed to the downside,"analysts at Panmure Gordon, which has a "sell" rating on thestock, said in a note.

Jefferies analysts, which have a "buy" rating on ThomasCook, said: "In our view management's conscious decision torebalance its UK offer on higher margin, quality holidayswarrants more credit than the market currently reflects."

Thomas Cook's blue-chip peer TUI also came underpressure, down 2 percent.

Mid-cap Dairy Crest was also a top faller, down 6.4percent after it said it anticipated higher debt as milk pricesit pays for its Cathedral City cheddar and Clover butterproducts surged 38 percent.

British mining stocks were also under pressure, with AngloAmerican and Fresnillo among the biggest bluechip fallers, down between 2.6 percent to 2.7 percent, trackingthe price of copper lower. (Reporting by Kit Rees and Helen Reid; editing by MarkHeinrich)