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AMI raises concern about consumer choice with A&L takeover

The Association of Mortgage Intermediaries has raised concerns over the question of consumer choice following the takeover offer by Santander for Alliance & Leicester.

Director general Chris Cummings says: “THe deal does raise the question of consumer choice in terms of consolidation of the market. The industry and the regulatory will need to ensure that these questions are answered during the takeover period.

“However if we emerge with a stronger industry it will ultimately benefit consumers.”

Cummings says the potential deal represents positive news for the UK mortgage market.

“It is pleasing that a global player, like Santander, is willing to invest more capital in the UK at this time. It should provide much needed stability for the marketplace and a reassurance about the strength of the mortgage industry in this country.

“Abbey is one of the lenders that has continued to support intermediaries during difficult times in the mortgage market and we are sure this will continue to be the case after any deal is secured.”


Big rise in business at Paternoster

Paternoster has seen a 550 per cent rise in business over the past 12 months. It is now the approved provider for 41 pension schemes, with 50,000 members and over £9m of monthly annuity payments.


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