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EDS link provides after-sales services for Abbey National

Abbey National is linking up with Electronic Data Systems to provide post-sale servicing of Abbey&#39s retail mortgages and personal loans.

Abbey says the deal will increase the range of flexible mortgages and enable customers to manage their loans through the internet and digital TV. It believes the deal will create the UK&#39s biggest third-party administrator for lenders and will save it £9m a year.

The joint venture will undertake all post-sale servicing for Abbey&#39s retail mortgages and loans but the bank will retain responsibility for dealing with arrears and debt management.

Abbey says the medium-term aim of the venture is to win business from other UK and European lenders, with the ultimate goal of becoming the leading third-party mortgage administrator in Europe.

Abbey managing director of retail banking Andrew Pople says: “This venture is good news for customers, with better service and a wider range of products.”

EDS president for business process management for Europe, Africa and the Middle East, Peter Clough says: “EDS brings its technology and business process management exper- tise to the new venture and Abbey brings its size, lending experience and excellent people.”


R&SA slashing annual PP charges

Royal & Sun Alliance personal pension policyholders could see their annual charges slashed by half. The company is reducing the charges across its range of new and existing personal pensions as it gears up for stakeholder in April. Annual management charges on the average policy will fall from between 1 per cent to 2 per […]

Code comfort farmed out to the public

Genetic testing is unquestionably a highly charged and emotive area. Along with representatives from the Prudential and Norwich Union, I was recently asked to give evidence to the House of Commons science and technology committee, which is investigating the use of genetic test results by the insurance industry. Politicians and representatives of the medical profession, […]

Yorkshire BS assets boosted as lending doubles

Yorkshire Building Society claims to have returned an estimated £90m to members in the form of lower mortgage rates and higher savings rates last year. The society says the amount given back to members now stands at £350m over the last five years. Announcing the details in its annual results last week, Yorkshire said it […]

Long arm of the law

What impact will the FSA&#39s decision to force lenders to police intermediaries have on the market? PB: Many were disappointed that the FSA did not go further and regulate mortgage business fully. Effectively, this step should see a much closer focus by lenders on who is introducing business to them. This will benefit the consumer […]

What exactly is product innovation?

By Fiona Tait, Pensions Specialist Ros Altmann reportedly hoped for more product innovation following pension freedom¹ and, according to one poll, 66 per cent of advisers also believe that providers should be doing more². This article considers whether there is a real client need for new products, or whether we should be focusing our attention on efficient delivery […]


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