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HBOS nears target for investment products

HBOS says it is closing in on its goal of being number one for sales of investment products in the UK in its 2003 preliminary results, which show a 29 per cent increase in profit and exceptional items to £3.89bn from £3.06bn in 2002.

It has also pledged to tighten its lending criteria. The five HBOS mortgage brands achieved total gross lending of £71.8bn from £56.8bn along with an above target market share for net lending of 25 per cent. Its target was 23 per cent.

Birmingham Midshires&#39 gross lending increased to £11bn from £5.6bn while Intelligent Finance broke even.

Clerical Medical sales fell by 10 per cent to £389m. In the past two years, Clerical has moved away from with-profits business, with WP accounting for just 8 per net of UK intermediary sales compared with 49 per cent two years ago.


Legal & General cleans up in protection awards

Legal & General has cemented its position as a favourite in the protection market, winning awards for best overall provider, best service provider and best e-commerce provider at the inaugural LifeSearch Protection Awards. The awards, held last week, are aimed at providing recognition of protection providers&#39 new business and underwriting teams from an IFA perspective. […]

Isis moves to asset class avenue

ISIS ASSET MANAGEMENT Isis Multi-Manager Distribution Fund Type: Oeic fund of funds Aim: Income and growth by investing in Oeics, unit trusts, investment trusts and property Minimum investment: Lump sum £1,000, monthly £50 Investment split: 30% equity funds, 50% fixed interest funds, 20% property funds Isa link: Yes Pep transfers:Yes: Charges: Initial 5%, annual 1.25% […]

SOFA&#39S view

I am writing this at the end of my first day as Sofa managing director. It was a hectic day that proved to be everything I had hoped – challenging, exciting and with a warm welcome from the Sofa and CII teams. The issue of professional status, qualifications and competence has been debated endlessly over […]

B&B chief executive Rodrigues resigns

Bradford & Bingley group chief executive Christopher Rodrigues has resigned to take up a position as president and chief executive of Visa International in San Fransisco. He will be replaced by Stephen Crawshaw, currently in charge of the group&#39s core lending and savings business. Crawshaw says: “I am clear about our priorities in both the […]

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What price (more) freedoms?

George Osborne will make his last Budget speech of the current parliamentary term this week, and the early media briefings suggest that pensions will again feature heavily in that statement. So what are we able to learn from the weekend’s coverage?


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