Bankhall has announced it is bringing Prudential's mortgage club
into its fold merging it with its own mortgage offering Point One.
The deal sees Prudential Mortgage Services, long tipped to be up for
sale, integrating with Point One resulting in a combined membership
base upwards of 15,000 advisers.
Access to PMS will not be restricted to only regulated IFAs but will be
made available to the entire market leading up to the onset of
regulation of mortgages in October.
PMS manager John Malone, rumoured to be approaching retirement,
has decided to stay on and continue to head the business.
Neither party would reveal terms of the deal.
Bankhall joint chief executive Paul Hogarth says: “We see this union
as being of symbiotic benefit to both parties. From a Bankhall
perspective the bringing together of the two businesses represents a
key strand in our corporate objective of dominance in the mortgage
adviser support arena.”
Prudential UK director of distribution Nick Smith says: “Our decision
to divest ourselves of Premier Mortgage Services was a strategic
one, based on the significant changes that will impact the mortgage
advice market in 2004.”