HBOS is considering introducing trail commission on retention business instead of full proc fees in a raft of plans unveiled this week.The lender is in talks with sourcing engines to ensure its retention products appear on them to broaden distribution. HBOS is also considering launching a part-ownership, part-rental scheme for first-time buyers. BM Solutions has been tipped by one source to launch its FTB product, similar to Northern Rock’s Together offering, next week. However, the lender is not commenting. BM is set to launch a buy-to-let index in the coming weeks and will have point-of-sale offer capability by next week. Bank of Scotland Mortgages managing director Charles Haresnape urges other leading lenders to break their silence on their retention strategies. Haresnape says: “We are working on functionality for trail fees and clawback. That is something we want to talk about more and may want to offer as we go forward. It would only take a few of the really big lenders to get value to the market. “On FTBs, we will offer part-ownership and part-rental, giving 25 per cent more buying power. We have a team working on this and will come out with an equity-shared mortgage.”
FSA retail markets managing director Clive Briault told an FSA conference this week that identifying firms making slow progress with TCF by March and “bringing them to the stage” will be central to its supervisory work.
Conservative Shadow Chancellor George Osborne has criticised Government dithering over alternatively secured pensions, claiming it would be extraordinary to scrap or disadvantage the product at this stage. Speaking at the Pep & Isa Managers’ Association conference last week, Osborne said it would be wrong to waste industry money spent developing and marketing Asps and there […]
Every week, I try to write about an issue that strikes a chord with at least some readers of Money Marketing. One way to judge whether I have succeeded is to read the emails you send me in response to my comments.
A report published this morning by the CIPD (CIPD Employee Outlook March 2015) provides yet more interesting data to the changing landscape of retirement planning. It should be remembered that we are in a period of genuine flux here given that the default retirement age was scrapped three years ago, and new pension freedoms come online in April. Both of these alterations will have a huge impact on how employees plan for their retirement.
- Top trends
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
Intrinsic must compensate a client for the pension transfer advice it gave them. According to a Financial Ombudsman Service decision, in 2015 Mrs C was told to transfer her two existing personal pensions valued around £80,000 to a new Sipp provider. This money was placed in a scheme where Mrs C could adopt a dynamic […]
“There is nothing permanent except change”, so said the “weeping philosopher” Heraclitus circa 500 BC. Few would argue change was not needed in the retirement income market; it is just no one expected it to be so inorganic and non-negotiable. The impact of the pension freedoms Budget bombshell in 2014 was immediate and significant. Revisiting […]
True Potential has grown assets in its discretionary portfolios by £2.1bn in 2017. In its annual results, published today, the platform says it has attracted £3.8bn assets in its in-house funds in 2017, up from £1.7bn in the previous year. Assets into the funds were at £0.7bn in 2015. Since launch in October 2015, True […]