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Billy Mackay quits Skandia for AJ Bell

Skandia head of marketing Billy Mackay is leaving the firm to join Sipp provider AJ Bell.

Mackay will join the firm in the summer as marketing director. In addition to assuming responsibility for marketing activity, he will also help develop the firm’s product range and marketing proposition.

AJ Bell currently manages over 29,000 individual Sipps and has over £5bn in pension assets under trusteeship.

Mackay, who spent eleven years at Skandia, will also work closely with the AJ Bell sales team in offering adviser support.

AJ Bell actuary and chief executive Andy Bell says: “Our success is built on market leading products, provision of first class service underpinned by a team of talented people. This appointment is further evidence of our intention to continue to develop our business to stay ahead of our competitors.”


Lone voice called for 0.5% cut in base rate

The Bank of England monetary policy committee voted 6-2 to cut base rate this month, with one member wanting an immediate 0.5 per cent reduction rather than the 0.25 per cent cut that took placeMervyn King, Rachel Lomax, John Gieve, Kate Barker, Charles Bean and Paul Tucker voted for the 0.25 per cent cut to 5 per cent while Tim Besley and Andrew Sentence wanted rates to remain at 5.25 per cent and David Blanchflower wanted a 0.5 per cent cut.

Back to the 70s with £100bn shortfall

Checkmate Mortgages executive chairman Stephen Knight believes the UK mortgage market will suffer a £100bn shortfall of gross mortgage lending this year.


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