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HBOS admits to failures in retention strategy

HBOS has admitted its experimental retention strategy introduced last year has failed to deliver leading to a large dip in its lending share to less than 10 per cent.

In a trading statement released this morning, HBOS says it has now taken corrective action which it believes will lead to its market share returning to normal levels.

It says it is confident in returning to its usual 15 to 20 per cent range in the second half of this year, compared to a first half net lending share likely to be less than 10 per cent.

The statement says: “In mortgages, the retention strategy introduced in the latter part of 2006, designed to trade an element of gross share for improved principal repaid, has not delivered the anticipated benefits. After a slower first quarter for net lending, we are now seeing an improved performance, having taken corrective action in the second quarter.”


Providers muddying the waters in PPI market

If the consumer watchdog Which? can get mixed up with the level of refund available from a cancelled single-premium protection policy, what chance does the man in the street have? Reading through an article in May’s edition of Which? magazine, I stumbled across a sentence that made me draw breath. In an article discussing what […]

Brokers warned over fraudulent BTL applications

Mortgage brokers are at serious risk from claims arising out of buy-to-let transactions, warns Fishburns Solicitors partner Harriet Quiney.Speaking at Fishburns’ financial services seminar last week, Quiney said if borrowers use false information to obtain bigger mortgages than they would otherwise have been given, their professional advisers could be at risk.She said: “Where borrowers have […]

Cofunds adds two funds to Luxembourg range

Cofunds has added Norwich European property fund and Templeton Asian growth fund to its platform. In January, Cofunds expanded to include Luxembourg-domiciled funds, now including these two latest additions and it says it will conduct a further review in the autumn. Cofunds director of fund manager relationships Russell Lancaster says: “We said that we would […]

Lighthouse service matches client risk

Lighthouse has set up a client risk matching initiative for its advisers, using a psychometric fact-find developed by Distribution Technology. It is designed to allocate clients’ assets and will link directly to the underlying funds offered through F&C Asset Management’s lifestyle fund of funds.

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David Cameron appoints former adviser to Tony Blair as new pensions minister

Following a cabinet reshuffle in light of last week’s general election, David Cameron has announced that Ros Altmann will be replacing Steve Webb as pensions minister. As the industry works with one of the largest reforms to the sector in almost a century, the former adviser to Tony Blair has been tasked with ensuring that the pensions revolution does not stray off track.


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