View more on these topics

B&B sets aside £89.4m for mortgage endowment claims as complaints soar

Bradford & Bingley has announced that it is to set aside a further £89.4m to deal with compensation for endowment and investment mis-selling.

The announcement comes just as the FSA is expected to confirm that the industry as paid out £2.2bn in compensation for mis-selling of endowment mortgages, doubling over the past 18 months.

B&B had ear-marked £38.7m for the 12 months to December 31 2005. It concedes that the level of claims for compensation from endowment and investment products sold prior to the closure of its IFA has “reached higher levels in the first half of 2006 than expected.” B&B sold its IFA businesses in 2004 and said it would focus on a simpler and more focussed business strategy.

In the rest of its results for the six months to June 2006, B&B announced underlying profit before tax up 9 per cent to £164.2m, up from £150.2m in the second half of 2005. Net lending income increased by 12 per cent form £155.8m to £173.8m in the period.

Group chief executive Steven Crawshaw says: “We have had a very successful first half. Our business is bearing the fruits of focus. Our markets are continuing to perform well and we have a very robust pipeline.”


Fidelity special sits shareholders vote yes to split

Fidelity has received resounding backing from special situations shareholders to split the fund in two.The special shareholder meeting saw an unprecedented 88,000 take part in the voting process with 97 per cent voting in favour of splitting the 6.5n fund in two, one with the current mandate and the other a new global mandate. Fidelity […]

Aifa produces new with profits guide for members

Aifa has produced a new adviser with profits guide to compliment its first ‘stakes in the ground project’ which focuses on the subject.Director general Chris Cummings says with profits has become an increasingly complex area in which to give advice and one where the FSA is taking a particular interest.The guide covers the current position […]

Five years of New Star

New Star Asset Management celebrates its fifth birthday this week as one of the highest-profile fund firms, with 8.1bn under management through acquisition and aggressive expansion. Founder and chairman John Duffield talks to Money Marketing about how he has built up the business. Q: How different was setting up New Star compared with when you […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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