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A&L will cut principal numbers after M-Day

Alliance & Leicester will be restricting the number of principals it deals with after M-Day, Money Marketing has learned.

National accounts manager David Rhodes is understood to have told several companies that it will exclude from M-Day that it may restart business with them in January.

The managing director of one excluded IFA firm says he is seriously contemplating whether A&L will be reinstated onto its mortgage panel in January.

A&L head of mortgage intermediaries Mehrdad Yousefi says the company is not in a position to trade with every principal from day one of mortgage regulation but would not specify why.

Yousefi says: “It would be irresponsible of a major lender to say that it can deal with a firm if it has not checked the validity of its members. Remember that we have serious commitments to consumers as well as brokers. We have to make sure that everything is compliant and makes good business sense.”


FSA backs IMD review

The FSA has underlined its commitment to the European Commission&#39s review of the insurance mediation directive, saying it will be standing up for greater flexibility. FSA sector manager (retail intermediaries) Paul Rich told Money Marketing that the review, scheduled for April, is important not just to help intermediaries but for the long-term state of the […]

Winning formula

The Diary has learnt that some IFAs are quicker off the mark than others and it seems the quickest of the lot is ABG Financial Manage-ment&#39s Peter Kelsey, who is speeding up the leader board in the 2004 F1 Driver Challenge. He is now down to the last dozen after beating almost 4,000 other drivers […]

Pension Edge: Ros Altmann

Unions are recommending that the government introduce compulsory pension saving for all employees. Such a policy change would make a bad situation even worse, prolonging the current system and postponing the required overhaul. Our pension system is not working properly, and just compelling people to put money into it will not make it work better. […]

PruHealth launches private medical insurance

PruHealth is launching into private medical insurance with policies which link the cost of premiums to the efforts people make to look after their health. The product launches on October 4 and is designed to help people improve their health and provide extra medical cover when needed. PruHealth aims to reward customers with vitality points […]


Lifetime Isa – how it works

According to George Osborne “people like Isas – because they’re simple”. Fiona Tait is not convinced… Contributions & bonuses What he said: “From April 2017, anyone under the age of 40 will be able to open a Lifetime Isa and save up to £4,000 each year. And for every £4 you save, the Government will […]


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