Emma Simon

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Tesco Bank quits mortgage market

Tesco Bank has become the latest lender to pull out of the mortgage market. The supermarket bank will stop offering mortgage deals to new customers with immediate effect. It also confirmed it is looking for a buyer for its existing mortgage portfolio. Tesco said this strategic review was the result of more challenging conditions in […]

Flurry of FCA activity to impact mortgage advisers

Regulator unveils proposed directory of senior financial services professionals, publishes fees for 2018/19 and approves new tech-based mortgage firms. The Financial Conduct Authority published a raft of reports, consultations and policy initiatives over the past month and many will have a direct impact on the mortgage sector. Recently, the FCA has put forward plans to […]

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How advisers prove their value for money

One of the fundamental questions for advisers is how they demonstrate their worth to clients. This is crucial if they want to attract new customers to the business, as well as keeping existing clients happy that they are getting value for money. FCA regulations may stipulate key feature documents and a list of adviser charging […]

L&G poaches from Sun Life for new product director

Legal & General has appointed Mark Jones to the role of product director of UK protection, within its insurance division. Jones joins from Sun Life. He will be responsible for the developer of both retail and group protection products, and will report into the managing director for UK protection, Steve Griffiths. Griffiths says:  “We are […]

Lloyds cuts another 300 roles as more branches close

Lloyds Banking Group is closing a further 49 branches, resulting in the loss of 305 jobs. In total more than 1,230 jobs will disappear from its branch network and central office. But the UK’s largest bank says it is also creating 925 new roles and existing employee will be encouraged to apply for these positions. […]

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Mortgage lending to hit new record despite Brexit uncertainties

Mortgage lending is forecast to reach the highest level since the financial crash of 2007 despite Brexit uncertainties, according to the latest annual market review from the Intermediary Mortgage Lenders’ Association. If its predictions are correct, 2018 will see the eighth year of mortgage lending growth. IMLA is forecasting gross mortgage lending will reach £265bn […]

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London house prices record first annual fall for eight years

House prices in London fell 0.5 per cent during 2017 – the first fall for eight years – according to the latest house price index from the Nationwide Building Society. Across the UK, house prices rose over the year, but by a modest 2.6 per cent, according to Nationwide. This compares with a rise in […]

Providers review lifestyling strategies after FCA talks

There are marked differences in how pension providers are changing their lifestyling strategies on default funds following the introduction of pension freedoms. Earlier this month it emerged that Standard Life was changing the investment strategy of its default pension fund, affecting more than one million existing customers. Scottish Widows has also changed the default investment […]

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Pensions regulator reveals staff bonuses

The Pensions Regulator has confirmed only 50 per cent of its senior leadership team and managers were awarded a bonus last year. Following a Freedom of Information Act request, the regulator said that just 23 per cent of staff outside of those top ranks received a bonus payment in 2016/17. This figures for TPR contrast […]

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Tenet appeals court ruling it overcharged member fee

Tenet is to appeal a court judgement that the terms of its service agreement with network members were unreasonable under the Unfair Contract Terms Act 1977. It had initially lost a case brought by financial adviser Paul Morris of Metro Financial Solutions. He had taken the network to court over a disputed bill of £2,657.30. […]