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Future Mortgages shuts up shop

Citi Bank subsidiary Future Mortgages has become the latest lender to close its doors to new lending.

Citi has decided to focus on growing consumer business through the Citi and Egg brands and stop new lending through its Future Mortgages and CitiFinancial portfolios.

As a result, Future Mortgages will stop lending as of 21 May.

Over 600 UK jobs at Citi will be cut with around 400 employees in Sunderland and at least 270 in its UK branch network about to enter consultation.

In regards to first mortgages, pipeline business will be honoured where KFI’s have been issued and where a valid online decision in principle has been submitted up to and including 21 May.

The closing date for receipt of unpackaged business will be 26 May
2008 and for fully packaged business 16 June.

Citi says that beyond these dates no applications will be accepted.

For second charge Loans a web ‘Get Decision’ must be obtained by close of business on 21 May. Normal pipeline rules of 60 days will apply.

Cases must be funded by 18 July.

It says that adequate resource will be in place to manage the current pipeline through to completion.


Difference of opinion on advice/ sales split

I am amazed to see the comment allegedly made by Richard Hobbs that “there is no difference between a top tied adviser at St James’s Place and an IFA because it is the asset class and the asset manager that makes the difference. The wrapper is of no importance”.


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As we approach the two-year milestone of auto-enrolment, employers have had the opportunity to truly assess the capabilities of their chosen support. They are also now realising that getting to the staging date was the easy part, and that support is required for almost every aspect of the day to day running of their scheme. With the three-year re-enrolment window coinciding for many with the total removal of commission and Active Member Discounts from pension-related products and services, as well as the introduction of the pension charge cap in April 2015, many employers will have no choice but to review their support options. But, what is involved in transitioning your auto-enrolment scheme away from your current support options? This guide from Johnson Fleming aims to outline some of these key areas and provide information and discussion points on what you need to consider.


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