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B&W scraps in-house plan with £26m buy

Mortgage bank Bristol & West has scrapped plans for an in-house mortgage advice infomediary and instead bought ailing business-toconsumer website Money extra for £26m.

B&W&#39s plans to become an intermediary were detailed exclusively in Money Market ing in June when it was revealed director of marketing Martin Palmer had step ped down to develop an advice arm codenamed ABco.

B&W parent Bank of Ireland then paid £110m the following month to buy IFA Chase de Vere, which it says was part one of its plan to provide independent advice thr ough an integrated online, telephone and face-to-face operation.

But, Palmer says ABco had been developing its own portal in conjunction with Moneyextra until the consumer website and brand came up for sale.

Palmer says the in-house portal development had got to the stage of specifying the system, which will now be one of the support services that B&W is contracted to buy from Moneyextra&#39s business-to-business operation.

B&W concedes the struggling website would have been unlikely to survive as a stand-alone internet operation but it says the chance to buy an operational website was too good to miss. Moneyextra chief executive Martin Palmer says: “This was not always the route that we would have taken but Moneyextra has an established level of brand awareness with a fantastic volume of monthly users who continue to come back.”


S&S launches anniversary bond

To mark its150th birthday, Stroud & Swindon Building Society is introducing a new fixed rate bond. The Anniversary Bond has a 7.05 per cent gross annual interest rate which Stroud & Swindon claim is one of the best rates on the market. The minimum investment for the bond is £500 and the maximum investment is […]

Marsden brings in 6.35 per cent fixed rate

Marsden Building Society has brought in the five-year fixed rate mortgage. The mortgage has a fixed rate of 6.35 per cent for the first five years of the mortgage for loans up to 90 per cent of valuation and is available to both homebuyers and people wishing to remortgage without moving home. Following the fixed […]

R&SA launches investment website

Royal & SunAlliance has launched a new website to bolster its direct investment business. The site aims to provide guidance on investment decisions in a simple user-friendly format which R&SA claims will appeal to all. The site offers the choice of 17 Isas online each with individual risk ratings. The funds are also discounted […]

Fee for all?

An IFA&#39s business should be about selling advice not products, say fee-based advisers.A growing number of IFAs want the professionalism of their role recognised. The public expects to pay fees for work carried out by solicitors and accountants so why do should they balk at the pros pect of paying fees to IFAs?Many advisers believe […]

Parental leave and pensions

Fiona Hanrahan  – Senior Product Insight and Technical Support Analyst We are often asked how parental leave impacts workplace pension schemes in terms of funding in general, auto enrolment and salary exchange. This article will explain each of these. How does parental leave impact the funding of workplace pension schemes? A member of a defined […]


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