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B&B boosted by distribution

Bradford & Bingley got a big boost from its distribution business which more than doubled profits in the first half of this year.

B&B&#39s distribution arm, which includes the MarketPlace and Charcol operations, saw profits surge by 258 per cent to £14.7m from £4.1m in the first half of last year.

Group profits rose by 4 per cent to £135m from £129m. The figures were boosted by £7.2m due to a change in accounting procedures Lending grew by 2 per cent to £19bn from £18.7bn, with lending profits up for the six months by 16 per cent to £103m from £90m.

B&B says it achieved its target of 1,000 advisers 18 months ahead of schedule and says it will continue to increase its adviser base that grew by 8 per cent to 1,015 registered individuals at June 30 from 936 last year.

B&B chairman Lindsay Mackinlay is stepping down in November to be replaced by Rod Kent who continues in his post as managing director of Close Brothers.

B&B group chief executive Christopher Rodrigues says: “Our first-half performance provides further evidence that we are delivering on our strategy of offering choice and advice in financial services and growing our selective lending and property businesses. Our distribution business is starting to make a significant contribution to the bottom line. Our strategy means we are well positioned to capitalise on the opportunities a changing regulatory environment will present. Our low-risk business is focused on secure lending in the UK.”


Omo backlog farce keeps on running

It has come to my attention that a new plot has arisen to defraud the great British public. Not content with the pension, endowment and FSAVC scandals, we now have the great annuity farce. What happens is that the annuity company, having received a properly completed cheque and application for an Omo, does not process […]

Derbyshire Building Society launches new fixed rates

Derbyshire Building Society is cutting the rates on its three and five year fixed rate deals from today. It has three year deals available from 4.89 per cent on loans to value up to 80 per cent, with an APR of 5.8 per cent It has five year fixed rates starting at 5.09 per cent […]

Chartwell publishes income guide

Chartwell Direct is offering a service, Incomeline, which provides consumers with information and risk ratings on income-producing vehicles. Investors who need to generate a regular income can receive an information booklet which details various income investments including National Savings and Investments products, bank and building society accounts and corporate bond fund investments, as well as […]

Confusion as FSA says PPPs could beat OPPs

IFAs are calling for FSA guidance on how to assess the value of final-salary schemes, warning that risks to defined-benefit schemes have increased significantly. They also argue that the surge in the winding-up of final-salary schemes means that many consumers caught up in the pension misselling scandal are better off having transferred out of an […]

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White paper — Nigeria International Insights

Jelf Employee Benefits closely examines healthcare provision and challenges within Nigeria. This will be of particular interest to HR decision makers with employees based in Nigeria, and assesses the environment, risks, facilities and safeguards that are relevant to organisations that are actively deploying expatriate staff in this location.


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