View more on these topics

Abbey confident of hitting targets

Abbey for Intermediaries managing director Ricky Okey says it still plans to deliver against its 2008 business plan despite the liquidity crunch.

Speaking at its key account conference last week, Okey said the firm will stick to the lending plans which it originally set last August.

He said: “A lot has happened since then but we have not deviated much from that position. The fact that we are maintaining our 2008 plans despite the market conditions is an important message for intermediaries.”

“We are not slashing our lending position, we are not cutting back hugely and we are not pulling out of the market. There will be small changes here and there but we broadly want to deliver our 2008 plan and we cannot do that unless we are heavily in the market.”

Okey said Abbey is happy to have missed out on the growth of the sub-prime market as it is now missing out on the pain. He said: “I would rather be in the position we are in today, not having taken advantage of those opportunities, as it means we can very much trade in the current market.”

He said Abbey’s compound annual growth from 2005 to 2007 was around 18 per cent compared with market growth of 7.9 per cent.

Okey said: “This figure becomes even more impressive when you think that specialist growth during that period has been about 27 per cent and we have not been in the specialist buy-to-let and sub-prime market. The growth in our core offering has been substantial.”

Okey said having Santander as its parent company has brought Abbey a significant contribution in terms of technology. He said: “You will not see it yet but over the next 12 to 20 months, when you interface with us, you will find a slicker, more reasonable and better operating system than you have experienced in the past.”

Recommended

FSA go-ahead for Praemium SMAs

Praemium has received FSA authorisation to launch its separately managed account funds in the UK. Smartfund will allow dist-ribution firms to create their own funds to build assets under management without taking on the role of fund or investment manager.

CGT reforms could trigger BTL sell-off

Capital gains tax reforms could mean a swathe of former buy-to-let properties will hit the market from Monday as investors seek to offload unwanted property, warn tax experts.

Standard Life former FD receives £1.1m pay-off

Standard Life former finance director Alison Reed has received a £1.1m settlement after she made claims against the company following her departure in October 2006.Reed made claims against Standard Life over the termination of her employment and an out of court agreement was reached in November 2007. Standard Life also paid £97,500 towards her legal […]

2

DB transfer shouldn’t be all-or-nothing

By Steve Webb, director of policy In my recent discussions with advisers, a hot topic has been the growing number of people interested in transferring their defined benefit pension rights into a defined contribution pension scheme. With many pension schemes offering eye-watering transfer values, this is likely to be an area of increasing interest. Yet […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com