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B&B IFA profits plummet

Bradford & Bingley&#39s preliminary results for the year ending December 31 show a 63 per cent drop in profits in its IFA division plummeting to £10.4m from £28m in 2002. Revenues of B&B&#39s IFA division – including Charcol, Charcol Holden Meehan, Charcol Aitchison & Colegrave and The MarketPlace – fell by 6 per cent to £135.7m from £144.4m. The total number of advisers employed has fallen to 960 from 1031 because of a reduction in the wealth advisory team.

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Eagle Star is accused of applying MVA by stealth

A Gloucester IFA is taking Eagle Star to task over failing to let IFAs or clients know it had begun applying market value reductions to regular withdrawals on with-profit policies. Marshallsay Mumford principal Julian Mumford says that, under with-profit plans, regular withdrawals can be set at up to 5 per cent with no tax implications […]

Yorkshire lending up by 13%

Yorkshire Building Society has reported a 13 per cent increase in gross lending for 2003, which shot up to £2.8bn in 2003 from £2.48bn in 2002. Assets increased in 2003 by 6.8 per cent to £14.44bn from £13.52bn, and pre-tax profits are up 13 per cent to £71.6m from £63.36m. YBS says its borrower retention […]

Backing for home-reversion regulation

The Treasury should extend the regulation of equity release to home reversion schemes, the vast majority of respondents to its consultation closing this week believe. With more than 50 responses received, most – including Sofa, the National Consumer Council and the Financial Services Consumer Panel – support the FSA regulating the entire equity release market.

Who is the wolf on the trail?

A young chap called Julian Penniston-Hill has launched a service with no less assistance in PR than Max Clifford, whereby he will obtain and remit all of an investor&#39s renewal commission for the princely sum of £35 per annum. I feel that much of the ire that may have been directed towards me and my […]

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Pension freedom: wish you were here?

Out there lies a warm ocean of desert islands, sun, sand and palm trees, where individuals can choose how and when to tax-efficiently access their pension fund and realise the retirement dreams they have worked so hard for.

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