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B&W merges two firms to set up new national IFA

Bristol & West is creating a new national IFA, MX Financial Solutions, through the merger of subsidiaries Moneyextra and Willis National.

The Willis brand goes following its acquisition from Abbey National and Willis Group for £40m in July as it is merged with consumer finance website Moneyextra which Bristol & West bought from the Exchange in November 2000.

The firm of 120 registered individuals, mainly ex-Willis, will offer face-to-face and telephone advice from 16 branches around the UK. The merger will cause about 20 job cuts in areas such as IT and finance but not in advice.

MX Financial Solutions will operate alongside another two new operations, MX Moneyextra, providing online financial information but not advice to consumers and MX Moneyextra Mortgages, a web and phone-based mortgage arrangement service.

MX Financial Solutions is targeting the individual and corporate markets and says it can offer a multi-channel, multi-product service and give cli-ents access to online services from MX Moneyextra.

MX managing director Mark Bogard says: “People in the UK do not spend enough time sorting out their finances. Given the fantastic deals that are now available for everybody, it really is their fault that big financial institutions continue to make billions in profits. We are committed to help everyone make the most of their money.”


Taking advantage

21st Century Health Plans has introduced the hospital advantage plan, an individual PMI plan that aims to provide affordable cover for hospital treatment. It operates through a public-private partnership between 21st Century Health Plans and selected NHS hospitals. Policyholders are given access to private NHS facilities at a negotiated rate. Premiums range from £176.27 a […]

Warning that FSA does not back any platform

The Council of Mortgage Lenders is warning members to beware of being hoodwinked by electronic platform providers claiming their technology is endorsed by the FSA and compliant with statutory regulation. In a circular sent out last week, the CML urges lenders to disregard any impression they may have given that the FSA favours one system […]

Britannic extends extra allocation on with-profits

Britannic Assurance is offering IFAs an extra 2 per cent allocation on new investments into its with-profits bonds before December 31. The extra allocation scheme, which applies to investments of more than £5,000, was originally launched in June and ran until mid-August. However, Britannic has now decided to reopen the offer until the end of […]

UCB Home Loans – Buy2Let 5 Year Fixed

Wednesday, November 21, 2001.Fixed term: Five years.Fixed rate: 6.35 per cent.Minimum loan: £25,000.Maximum loan: Loans of up to 75 per cent of valuation subject to amaximum of £400,000, 76-80 per cent subject to a maximum of£300,000.Income multiples: 3.25 times principal income plus second or 2.75times joint.Arrangement fee: £495.Redemption fee: Six months&#39 interest on amount repaid […]

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Absence management systems gone AWOL from UK’s SMEs, reports Jelf

A quarter (23 per cent)* of the UK’s small to medium-sized enterprises (SMEs) do not have an absence management system in place, according to new research from Jelf Employee Benefits. Despite 69 per cent* of organisations having a system in place, three-quarters (75 per cent) report that it is not providing them with sufficiently empowering absence or health data to inform an effective wellbeing programme.


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