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Exweb’s mortgage sourcing service will close

The Exchange’s Exweb mort- gage sourcing service is to close after the group admitted that it does not have enough users to meet its costs.

Despite confirmation from parent group Vertex Financial Services that it will be invest- ing heavily in The Exchange, the Exweb mortgage sourcing service is not seen as a viable proposition as its development costs are not being balanced by its limited user base.

The sourcing service has only a few hundred subscribers while rival Trigold can spread development costs across 24,000 brokers. The service is also limited compared with rivals, focusing on headline rates and not offering online key facts illustrations or applications.

Exweb has written to users saying the current software will cease at the end of November but Prospector Lite from Trigold is offered as a substitute.

Exweb is suggesting that its subscribers join sourcing systems offered by Trigold or MBL through The Exch- ange portal.

The Exchange spokeswoman Jane Hewin says: “Subscribers should not really notice the difference when they make the change to Prospector Lite.”


The cost of leaving IFAs in the cold

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Scottish Life appoints Shields as head of individual business

Scottish Life has appointed Barry Shields as head of individual business with immediate effect.The pensions specialist arm of Royal London is hoping to grow its proposition in the individual pension market place.Shields team will be responsible for supporting the individual and Talisman 98 propositions and for developing the Sipp propositions for the post A-Day market.

Brokers need huge admin improvement

Mortgage brokers need to improve their admin drastic- ally if they want to cut costs and avoid incurring the wrath of the FSA. That was the message from industry experts such as Association of Mortgage Intermediaries director general Chris Cummings at the Mortgage Business Expo. He said there had been fewer than 350 complaints on […]

Orr staying at Skandia

Skandia Investment Management head of marketing David Orr has had pulled out of a move to Gartmore at the last minute. Orr announced his intention to leave SIML in August but is understood to have decided to stay less than a week before he was due to start at Gartmore after getting a counter-offer. He […]


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