View more on these topics

Bankhall’s multi-tie plans delayed

Bankhall’s plans to launch a multi-tie have been delayed because of mortgage regulation while its profits have slumped since last year.

Product providers which had been approached by Bankhall about working with the support services firm on its multi-tie proposition are saying that they have not heard anything from Bankhall on the project for at least a month.

Results for Bankhall show profit plummeting to around 78,000 for the last nine months, down from around 3.9m for the same period a year ago. But Bankhall says that with adjustments for goodwill of around 8m for each year, the drop in profit is from around 12m to 8m.

Joint chief executive Paul Hogarth says the fall in profit is due to preparations for mortgage regulation and spending resources which have been put into Bankhall’s multi-tie proposition.

Over the past year, Bankhall has been very bullish about multi-tie, saying it is one of only two distributors in the market with the scale to offer a workable multi-tie.

Hogarth admits that plans have been delayed because of mortgage regulation and he now expects Bankhall to be ready to launch a multi-tie in June 2005.

Hogarth says: “We are definitely going to do a multi-tie but our plans have been delayed because of mortgage regulation. We are talking to a number of product providers and these conversations are ongoing.

“These results are for the first nine months but profits will be down a bit on last year at the full year too. The drop is mostly because of M-Day and we have also put resources into our multi-tie.”

Recommended

Jones to leave Gartmore in restructure

Gartmore UK chief executive Glyn Jones will step down at the end of the year after restructuring has made his position redundant.

Solving the income puzzle

There is a puzzle at the centre of financial markets. The global economy is growing, there are signs of inflation and interest rates are going up, yet yields remain low. In this article, James Foster, manager of the Artemis Monthly Distribution fund, unpicks this conundrum and looks at where investors can find income. There is […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com