View more on these topics

Edeus picks 50 packagers for panel

HBOS will make its push into the equity-release market through either its Halifax or Bank of Scotland brands, says intermediaries managing director Nigel Stockton.

The giant lender had been widely expected to offer products through its specialist brands of BM Solutions or The Mortgage Business.

But the bank has delivered a blow to the equity-release market by insisting that it is in no hurry to launch into the market.

The UK’s biggest mortgage lender revealed earlier this year that it plans to move into the sector and it had been anticipated that its entry could come this year.

Stockton would not set out a specific timeframe for the launch other than to say that it would not be this year.

Nationwide revealed earlier this year that it will be will another two or three years before it enters the equity-release arena as it fears that the market could suffer misselling problems.

Stockton says: “On equity release, we will not be in a hurry and we will research the market. When we launch, we want to be number one.”

In a separate development, HBOS moved to reassure brokers that the group would no longer directly contact customers introduced by brokers to try and sell them general insurance products if the broker sells home insurance or payment protection cover.

The pledge comes two weeks after HBOS’s intermediary GI unit was merged with its mortgage business. It is offering brokers commission to introduce GI business to HBOS where it does not sell such products.

HBOS GI head of mortgage intermediaries Jon Craven says: “What we did was a major source of irritation but that has changed.”

Alexander Hall chief operating office Andy Pratt says: “Not contacting customers can only be positive as it sends the message that brokers are important to HBOS.”

Recommended

FSA delays discussion on provider police role

The FSA has postponed its discussion paper into the relationship between product providers and advisers amid continuing concerns that the regulator is trying to force providers to police intermediaries. The threat of extra responsibilities has forced non-mortgage trade bodies to start thinking about the potential impact of any FSA action. The ABI and Aifa will […]

Zurich PTA plan is Tala-made for advisers

Zurich Financial Services is to extend its pension term assurance product to the IFA market in the fourth quarter. The product, called tax advantaged life assurance or Tala, is currently only distributed through the Openwork network but Zurich says it is tweaking the product to ensure it is suitable for the whole of the IFA […]

Too good to be true

The English language is full of wonderful sayings such as never look a gift horse in the mouth. A free gift from the Revenue that we should quietly accept was exactly what the pension industry appeared to get in the shape of scheme pensions.

Worldwide and Simply Biz join wrap

SimplyBiz and Worldwide Financial Planning have signed up to the Standard Life wrap and the service is being rolled out to advisers.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment