Michael Glenister

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Moneysupermarket.com buys finance app Ontrees

Price comparison website Moneysupermarket.com has bought website and mobile app Ontrees for an undisclosed sum. The app has been bought from Associated Newspapers. The service, which launched in 2012, aggregates consumer bank account and credit card information and aims to simplify personal finance spending, budgeting and transaction monitoring. Ontrees was the top ranking finance application in […]

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Annuity providers eye platform technology for post-Budget decumulation

Annuity providers are in talks with investment platform technology providers to power retirement income propositions from April. This year’s controversial Budget dealt a massive blow to annuity providers, with shares in some insurers tumbling by as much as 50 per cent. Budget consultation papers have since confirmed that the new pension freedoms will allow post-retirement […]

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Openwork acquires MetLife protection advisers

Openwork is to take control of MetLife’s network of 930 protection advisers with the transfer set to take place on 1 November. The network of self-employed advisers will now advise on Openwork’s panel of protection products, including critical illness, income protection and life cover. They currently advise on accident protection and term life. Openwork declined to […]

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Aviva sells stake in Spanish JV for £226m

Aviva has sold its stake in Spanish joint venture CXG Aviva to NCG Banco for £226m. The firm has recently sold a series of business units in different jurisdictions as part of an ongoing restrcuture.  It sold its Turkish general insurance business in March and Aviva USA including life and pensions and asset management in 2012. […]

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Return of the direct salesforce? Aviva eyes protection advice network

At least one major insurer is eyeing a return to the face-to-face advice market as financial services giants rethink their distribution models. The traditional direct salesforce was slashed across a host of high-street banks and life offices both pre- and post-RDR. However, Santander last week reversed that trend when the bank confirmed it had begun […]

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Moneygate in court clash with IFA sale broker

Consolidator Moneygate has been told to pay £2,700 to Retiring IFA after the two parties met in court over a fee dispute. Retiring IFA, part of Foundation Resourcing Limited, acts as a broker for advisers seeking to sell their business. The firm took Moneygate to court last week over the payment of fees for introducing […]

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Openwork acquires MetLife’s 930-strong protection network

Openwork is to take control of MetLife’s network of 930 protection advisers, Money Marketing can reveal. MetLife staff were informed of the decision at a meeting held today in Birmingham, with the transition to Openwork set to take place on 1 November. The network of self-employed advisers will now advise on Openwork’s panel of protection products, […]

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Ascentric posts loss after £1.6m tech spend

The cost of moving to a new software system forced Ascentric into a £567,000 pre-tax loss for 2013, down from a £1.84m profit in 2012. Money Marketing revealed in April that Royal London-owned Ascentric would move directly onto the Sonata system as part of its deal with Bravura. Rival Nucleus, already a Bravura client, moved […]

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Apfa: Project Innovate suggests approvals process ‘unfit for purpose’

Apfa argues the FCA’s Project Innovate initiative points to an authorisation process that is “unfit for purpose” as it risks disadvantaging existing advice firms. In July the regulator launched Project Innovate, an industry consultation designed to promote innovation in financial services. The consultation proposes an “incubator”, where extra FCA support would be given innovative new […]

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Intrinsic reveals £9.5m PosSol deal

Intrinsic accounts published today reveal the firm agreed a deferred consideration of £9.5m to acquire Positive Solutions.  The firm made a pre-tax loss of £3.2m to end of December 2013, down from a £24m profit in 2012. During the year it acquired national PosSol in a deal worth a total £19m, including a £9.1m loan […]

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Aegon warns Budget guidance remit creates regulatory mismatch

Aegon has raised fears regulatory arbitrage could enable the Money Advice Service and The Pensions Advisory Service to go further than private sector providers on Budget guidance. The FCA is consulting on delivery of the guidance guarantee and earlier this year separately published a paper setting out boundaries of non-advised sales, simplified advice and full advice. […]