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A&L gets set for big secured loans push

Alliance & Leicester has become the latest name to confirm an interest in the intermediary secured loans market as part of a major push into the sector.

The firm will aim to build its presence in the sector next year and it is expected advisers will play a big part in that offensive. A&L already offers secondcharge mortgages on a direct basis, albeit on a small scale.

Morgan Stanley moved into the second-charge sector earlier this month after revealing it will fund Paragon’s sub-prime range under the Advantage brand while Kensington revealed in September it will enter the sector.

A&L head of intermediary mortgages Mehrdad Yousefi says: “We have had a soft launch on secured loans but we will expand next year and are reviewing whether to use brokers as secured loans and specialist mortgage lending are the main driver for profit. We want to maximise intermediary distribution and lending in the secured loans market cannot overlook the intermediary market as it is the most powerful distributor of personal finance products.”

Money Partners communications director Bob Sturges says: “The emergence of such brands ups the reputation of the market. Secured lending is booming.”


Leitch taking over as Bupa chairman

Lord Leitch is taking over as chairman of Bupa next month. Leitch, former chief executive of Zurich Financial Services, was already a director of the healthcare group and succeeds Bryan Sanderson.

Home of Choice offered SJP’s mortgage advisers

St. James’s Place is offloading its mortgage-only appointed representatives and has offered them to Home of Choice.A total of 99 ARs have been told they will have to leave SJP, with HoC choice having first refusal, although they will be free to choose any network they want.SJP chief executive Mark Lund confirms that it is […]

Walls come tumbling down

Advisers say that the demolition of the former Allied Dunbar training centre in Swindon is the final nail in the coffin of the old style mass training of direct salesforces. But is its passing welcomed or mourned by the industry?

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