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Exclusive – Destini rescues Lifeboat

IFA consolidator Destini is buying the core infrastructure of stricken IFA and non-reg network Lifeboat in a deal that will see outstanding pipeline commission paid in full.

Around 100 RIs will join Destini and between 300 and 400 full time Lifeboat mortgage and protection brokers will move across to form the basis of Destini&#39s multi-tie offering which will launch in September.

Destini was introduced to the deal by its banker Bank of Scotland, which is also the banker of Lifeboat. The deal &#45 for an undisclosed fee &#45 follows a week of on/off negotiations that has also seen Tenet, Lighthouse and Sesame all looking at buying Lifeboat.

Destini director of communications Fiona Price says: “This deal will add around £10m in turnover to Destini&#39s operations, which we expect to grow to £30m by the end of 2004 once other acquisitions currently in the pipeline are completed.”


Stakeholder proposition has stalled

I am amused by the story that actuaries have their sums wrong over stakeholder (Money Marketing, August 19). Yes, of course they have, but as things stand at the moment, no matter how high the annual management charge, this will always be the case. By removing front-end loads and surrender penalties, it is like a […]

American Express wraps up Sipp

American Express Financial Services Europe has established a self-invested personal pension for its wrap account. The adviser service Sipp provides access to a range of investments including Oeics, unit trusts, shares traded on the London Stock Exchange and Aim, plus cash awaiting investment. It also has a phased retirement option where the investment is divided […]

Release business to hit £1bn

Over £1bn of equity will be released from homes this year, according to the Key Retirement Solutions UK equity-release monitor report. The value of equity-release plans rose by 7 per cent to £289m in the second quarter of this year, from £270m in Q1. The total value of plans sold in the first half is […]

B&B launch Double Guarantee Bond

Bradford & Bingley is launching a 6-month fixed rate savings bond paying 5 per cent a year. The Double Guarantee bond matures in March 2005 after which it transfers into B&B&#39s Premium Saver instant savings account that pays 3.8 per cent a year. The minimum and maximum investments are £2,000 and £100,000 respectively. Bradford & […]


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