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Big five brokers form £10bn mortgage alliance

Five of the UK’s mortgage broking giants have joined forces to form a consortium to give them the clout to negotiate cheaper deals with lenders and increased proc fees.

Alexander Hall, Chase De Vere Mortgage Management, Cobalt Capital, Hamptons International Mortgages and Savills Private Finance write £10bn worth of business a year between them and hope combining this might will also encourage better service from lenders.

The collaborative, called Concordia, which is Latin for harmony, will be chaired by Alexander Hall chief operating officer Andy Pratt.

For more information, read this week’s edition of Money Marketing.


Lawyer highlights watchdog disparity

A leading lawyer says the Financial Ombudsman Service treats advisers unfairly compared with other professions.At a debate between the FOS and law firm Reynolds Porter Chamberlain, partner Jonathan Davies said the FSA’s decision not to apply the 15-year long-stop rule to FOS judgments unfairly prejudices advisers.Financial services lawyer Davies gave an example of two neighbours, […]

Standard Life says it’s not for churning

Standard Life has hit back at a report which claims it is a “churner”, saying that only 15 per cent of its Sipp business has come from its personal pension book.As reported in Money Marketing last week, a report, entitled The DNA of Life, by City analyst Fox-Pitt Kelton names Standard Life, HBOS, Prudential and […]

IFAs hit back at Hargreaves on indemnity

IFAs have hit out at Hargreaves Lansdown managing director Peter Hargreaves for say-ing that IFAs face extinction unless they stop taking up-front commission.Hargreaves warned in Money Marketing recently that IFAs will be “dead as the dodo” within a few years and said the industry cannot survive if it keeps the indemnity commission regime.But Highclere Financial […]

Pressure is growing on Pru over £9bn estate

Prudential will come under further pressure to free up its £9bn inherited estate after Aviva’s appointment of a policyholder advocate.The Pru has been looking at ways of accessing the surplus cash from its with-profits fund for 10 years.Axa was the first insurer to manage a deal in 2001. At the time, over 500 policyholders represented […]


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