View more on these topics

Black and White pulls out of regulated sector

Mortgage firm Black and White Group has withdrawn from the regulated mortgage market and put this part of the business into administration.

Chief executive Thomas Reeh resigned on Monday after the group announced it had voluntarily rescinded its Part IV permissions and will no longer be regulated by the FSA.

Reeh told Money Marketing: “The company is not in administration now but we are going to apply for it. The process takes a couple of weeks and has to be ratified by a court. This will affect the regulated side of the business.”

The firm said in a statement on Monday that it would focus on unregulated distribution strategies such as lead generation, secured loans, commercial loans and its mortgage packaging arm B&W Gateway.

Speculation has since arisen that Black and White had ceased trading but chief operating officer Adrian Childs told Money Marketing it is “not in administration at this time” and is still “conducting non-regulated business as normal but with a reduced staffing level”.

In December, it emerged that the FSA made a dawn raid at the firm and took police with them. The FSA says its investigation is still ongoing but that it was the firm’s decision to rescind its permissions.


DWP to launch study into impact of means-testing on personal accounts

Work and Pensions Secretary James Purnell announced yesterday that he would be launching a study into the impact of means-tested pension benefits on personal accounts. This is the first time the Government has acknowledged the issue of means-testing which is threatening to derail the introduction of personal accounts in 2012 because it will leave some […]

New fees free overseas property mortgage broker launches

A new fees free overseas property mortgage brokers has launched today.HiFX Mortgage Services offers products from the UK and overseas lenders for people purchasing or re-mortgaging an overseas property or looking to release equity from their UK home to fund a second home overseas.The broker will be pay referring agents an introductory commission of 35 […]

JP Morgan offers two offshoots of top-quartile Euro fund

JP Morgan Asset Management is building on its expertise in the European small companies market by adding growth and value versions of its existing fund to its Luxemburg-based Sicav range.The funds, which launched officially on January 10, have now received UK distributor status. They are designed to offer investors an extension to the £212m European […]


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