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Anger over Stroud direct deal on legal services

Smaller lenders have been slammed for undercutting intermediaries amid claims that they are harming brokers’ reputations.

Mortgage Advisory Service head Stuart Wilson has criticised Stroud & Swindon for offering free legal services if clients apply direct but not if they apply via a broker.

Wilson says brokers are duty-bound to turn business away if the customer can get a better deal direct. He says: “It harms the credibility that we have with clients if we withdraw offers.”

Stroud & Swindon spokes-man David Greenleaf says: “The intermediary market remains very important to us.”


Kerr joins New Star on US equities

Former M&G global technology fund manager Greg Kerr has joined New Star to run the US equities mandates in its family investment accounts and work in its institutional team. New Star has also appointed Jorry Noeddekaer from BankInvest to work in its Asian team.

VCTs get set for 600m boom

The VCT market is predicted to take 500m-600m this season as investors clamour to invest amid concerns the tax breaks will not be renewed. The Chancellor is expected to announce a decision on the extension of the 40 per cent income tax relief on VCTs in the Budget in March, with commentators differing over whether […]

Scholefield leaves Swip

Scottish Widows Investment Partnership has parted company with its head of inter- national equities, Tim Scholefield, who oversaw funds worth 6.8bn. The firm is understood to be disappointed with the performance of its international equities team, particularly across its global equities funds. Swip has lagged behind the global growth sector, with its 32m global fund […]


Almost nine in 10 employers admit failings with post-DRA compliance

The default retirement age (DRA) was abolished more than three years ago, yet new research from Jelf Employee Benefits suggests that the vast majority of employers still have some way to go to fully understand, comply and communicate the landmark legislation change that prevents older employees being forcibly retired on the grounds of age alone.


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