HBOS has seen a dramatic rise in mortgage lending over the first six months of this year.Brokers believe the UK’s biggest lender is unlikely to be hit by the emergence of new players in the market because of its vast size and reputation. HBOS reported an increase in gross lending to 35.2bn from 27.6bn over the same period last year, representing a gross market share of 22 per cent, up from 21 per cent last year. The company’s net lending market share leapt to 21 per cent from 14 per cent. Intermediary managing director Nigel Stockton claims that BM Solutions is now a top-five lender in its own right while figures from The Mortgage Business show applications up by 87 per cent and gross advances up by 57 per cent to 1.7bn. The results come despite the departure of a number of senior executives over the past 12 months. Stockton says: “It shows that the company is stronger than any individuals.” Savills Private Finance managing director Mark Harris says: “This is not a surprise. Nigel Stockton has done a good job and HBOS has such vast scale that the emergence of new lenders will not harm it.” HBOS has also hit back after its retention payment plans were criticised by GMAC chairman Stephen Knight, who claimed last week that fee incentives could lead to brokers abusing TCF principles. Stockton says: “Stephen has an agenda as retention moves will have an impact on GMAC. Brokers understand they still need to shop around.” He has confirmed that Bank of Scotland will launch a retention scheme next year, once the Halifax and BM schemes have been assessed.
Fidelity has appointed Phil Morse to its multi-manager team as business development director.Morse was previously multi-manager product specialist at Gartmore and prior to this spent seven years at Skandia in a variety of sales and marketing roles.He has also worked for Sun Life, Acuma and Allied Dunbar.Fidelity International head of multi-manager Simon Ellis says: We […]
FSA chief executive John Tiner’s three-year contract runs out next month but he is expected to stay for a second three-year term. All directors of the FSA are appointed on three-year contracts except for chairman Callum McCarthy, whose term is five years.
The Department for Work and Pensions (DWP) has unveiled a new communications campaign to raise awareness of the new State Pension that will be launched next year.
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Advisers are being targeted by claims management companies offering payment for referring complaints related to defined benefit pension transfers. Capital Asset Management chief executive Alan Smith was sent a letter this month from Birkenhead-based firm Pension Justice, which claims to be a “missold pension compensation specialist”. The letter asks advisers if they have seen clients […]
Patience is an underrated skill in business. Do not fall into the trap of making decisions too quickly and regretting them later. It is important to make decisions when you run a business. Indeed, there are some situations where making any decision is better than analysis paralysis. However, there are also times when you need […]
Aegon has called on the government to double the tax exemption for employer-arranged pension advice. A report from Aegon and the CBI in March found 56 per cent of employers think the government should extend the tax exemption for employer-provided pension advice to more than £500. Now Aegon wants to see that exemption doubled to […]