Hamptons International Mortgages and Towry Law are in talks over an introducer relationship that will see the two firms exchanging mortgage and Sipp-inspired business.In a move described as an equal partnership between the two firms, the deal, which is expected to be finalised in the next few weeks, aims to capitalise on Sipp investment in residential properties. Towry Law says it decided to seek a partner after realising it was unable to get critical mass in the mortgage sector for it to be a viable proposition within the company structure. Towry Law’s interim results released on August 24 repor- ted profits of 1.6m compared with a 0.1m loss in the first half of 2004. In November 2004, the group cut its salesforce to around 160 advisers. The link-up will be the second high-profile introducer arrangement between a mortgage and IFA firm. In June, John Charcol signed a strat- egic agreement with Hargreaves Lansdown. Towry Law group managing director John Simmonds says: “The cultural nature of the two businesses is a natural fit. We have both been looking for an equal partner with the same values, reputation and brand awareness.” Hamptons managing director Kevin Duffy says: “Towry Law made a strategic decision to simplify its business and we are keen to create a strategic alliance beneficial to both in this new and exciting field.”
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Cofunds has passed the £5bn mark in assets under administration, representing a 40 per cent increase in assets in the first eight months of the year. Cofunds started the year with £3.5bn and its life and pension tie-up with Legal & General is set to go live towards the end of the year.
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Loughborough Building Society has withdrawn a mortgage that could have cost it dearly with 10,000 cashbacks being offered to borrowers. The variable rate deal of 6.1 per cent offered 7 per cent cashback up to 10,000 with no early redemption charge on the mortgage. Customers with equity in their homes could haved remortgaged and repaid […]
According to the Pensions Regulator’s annual commentary and analysis report released this month, 785 potential non-compliance cases were referred for investigation, with 23 auto-enrolment compliance notices issued. And they predict that the use of their statutory powers is only going to increase.
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