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B&B makes FTSE debut as shares rise strongly

Mortgage lender and national IFA Bradford & Bingley has entered the FTSE 100 this week on the back of strong share price performance.

B&B&#39s share price rose by 5.7 per cent to 323p last week after the release of a trading statement showing it is on track to meet analysts&#39 expectations.

It takes the vacancy in the FTSE left by utility company Eon&#39s acquisition of Powergen last month.

B&B says its subsidiaries, The MarketPlace, mortgage broker Charcol and specialist lender Mortgage Express, have contributed to its growth since floating in 2000.

B&B says, like all lenders, it has benefited from the housing boom, including buy to let. It discounts analysts&#39 fears that the buy-to-let market is precarious, claiming its loans to value are low and borrowers can cope with breaks in rental income.

B&B has protection against hostile takeover bids until 2005 but admits it has a duty to shareholders to consider any attractive offers.

Spokeswoman Siobhan Hotten says: “We make our debut in the FTSE this week after teetering on the edge for several months. This is sign that our strategy is working.”


Tory leader blames price cap for lack of advice

Pension providers are losing money on every stakeholder scheme they sell, said Conservative leader Iain Duncan Smith in a hard-hitting speech attacking the Government&#39s flagship pension last week.Entering the pension fray for the first time, Duncan Smith said savers are not getting the advice they need when they buy a pension, blaming stakeholder&#39s price cap.He […]

LTC firms link up for single application

Leading long-term care cover providers Bupa, Norwich Union and PPP Lifetime Care have joined up to streamline the LTC application process for IFAs. By completing a single questionnaire, advisers will be able to get the best terms from the providers. The three have agreed to the streamlined application to reduce admin time and costs. The […]

LTC firms look to forge local authority links

Long-term care insurers will move towards greater co-operation with local authorities in an attempt to reach elderly potential customers, predicts Continuing Care Conference former chairman Des les Grys.Speaking at an IPPR conference on A New Contract For Retirement last week, Le Grys said product providers are aiming to exploit existing relationships between pensioners and local […]

Tep exchange adds new service for IFAs

The Tep Exchange, an online trading platform for traded endowment policies joining IFAs and market makers, has launched a new web link. The link will give clients direct access to multiple Tep valuations and let them trade their policies online through their IFA&#39s website. The Tep exchange service is compliant and is intended to help […]

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Considerations for overseas workers in Germany

With Germany’s strong economic growth leading the eurozone’s recovery, many UK businesses are keen to be part of the success story: recent data shows that there are currently more than 280,000* employees working for a UK-controlled company in the country.


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