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Basinghall launches with profit share pledge

Basinghall Finance has today formally launched its lending arm and has set up a profit sharing arrangement with its two broker distributors.

The pair, Savills Private Finance and John Charcol, will receive proc fees, but also a proportion of Basinghall’s profit.

The WestLB-backed lender, which is a joint partnership between the investment bank and Home Funding, has already acquired more than £1.3bn of UK residential mortgages through five portfolio acquisitions, but has now opened up itself to mortgage origination, with broker broker partners likely to be lined up in the coming months.

Home Funding chief executive Tony Ward says: “With its two-pronged strategy of portfolio acquisitions and partnerships, Basinghall has already secured more than a £1bn of mortgage portfolio acquisitions and is now kicking-off a series of partnership deals with two such prestigious names as John Charcol and Savills Private Finance to offer niche and competitive products to their customers.”


Skandia warns over safeguarded rights

Skandia is concerned that inconsistent treatment of safeguarded rights among providers could prove extremely confusing for pension advisers.Under A-Day rules, individuals can access their contracted-out pension or protected rights from age 50 (55 from 2010) and draw 25 per cent of their benefits as tax-free cash. The same rules do not apply for safeguarded rights, […]

Abbey makes new hires for structured products team

Abbey Financial Markets has appointed Tim Coleman and Wayne Harding as business development managers.Both will report to Gary Dale, head of business development for its offshore intermediary division, and will be responsible for the development of the distribution networks for the firm’s structured products capability.Coleman will cover the South East and South West of England. […]

Hornbuckle Mitchell calls for support for ASP petition

Hornbuckle Mitchell is calling on advisers and their clients to sign up to a Downing Street petition calling on the Prime Minister to abolish the 70 per cent ‘unauthorised payments’ tax on pension assets passed to heirs from an Alternatively Secured Pension.


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