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B&W next to develop loan advice strategy

Mortgage bank Bristol & West is planning to be the firstlender to follow

in the footsteps of Bradford & Bingley and become a mortgage advice

intermediary.

Experts believe that the move will encourage other lender to blur the

traditional mortgage industry boundaries by becoming intermediaries

simultaneously.

Director of marketing Martin Palmer stepped down last week to dedicate

histime to developing the adv-ice-based strategy in conjunction with parent

company Bank of Ireland.

Palmer&#39s project is code-named Advise Based Comp-any or ABCo.

He will initially be on a three-month mission to dev-ise the plan for an

advice-based arm, with a view to taking a permanent role at any new

operation.

The move by B&W follows B&B unveiling its plans to install John Charcol in

its branch network alongside its branch representatives and B&B&#39s own

mortgage range.

B&W says it has a number of options for discussion but says an

advice-based venture is a possibility.

B&W says it will be releasing more detailed plans within the next few months.

Palmer says: “We are interested in the area of advice and the idea that it

might be worth setting up some kind of advice- based company.

We will reporting in the next few months if we like the look of the market.”

First Active director of marketing Ian Giles says: “After the B&B purchase

of Charcol, the market was waiting for the next organisation to follow.

This could be the shape of things to come as there is a blurring of the

lines between intermediaries and lenders. The answer to the question can an

organisation be both at the same time appears to be yes.”

B&B move, p7

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