View more on these topics

Kensington takes direct route with TML buy

Sub-prime lender Kensington Group is buying direct-toconsumer non-conforming specialist The Mortgage Lender for £15m to diversify its distribution.

Kensington says it will have three distribution channels – intermediaries through packagers, partnerships with national chains such as Prudential Mortgage Services and to the public through TML.

Southampton-based TML, set up in 2000, employs 139 people. It generated revenues of £6.7m last year and made a profit of £1.3m on business sourced through consumer media advertising. Kensington says the TML brand will stay.

Kensington is offering financial incentives if TML reaches a profit of £2.41m next year, £4.34m the following year and £9.96m in 2005. It says the acquisition will increase its share of the first charge non-conforming market to around 15 to 20 per cent.

Broker club Mortgage Intelligence believes Kensington is diversifying to avoid a dependency on packagers which may be hit if they are forced to be FSA regulated.

But packager The Mortgage Partnership director John Mawdsley is questioning if Kensington is still committed to that sector which currently handles around 90 per cent of its lending.

Kensington general manager marketing and strategy Alastair Pate says: “We still expect to grow our business through packagers. We are buying into a direct-to-consumer brand as there are a number of people who do not want to go to brokers.”


Standard Life replaces individual personal pension with flxxi plan

Standard Life has designed personal pension flex, an individual personal pension that replaces the company’s existing individual personal pension.Personal pension flex is designed to offer more flexibility than the previous product in terms of contributions. The previous product enabled policyholders to make annual or monthly contributions, whereas the new product allows contributions to be made […]

&#39No fast bucks to be made in buy-to-let market&#39

Buy to let is not the “fast buck” market many borrowers think it is and new landlords must research the market properly before making a purchase, warns UCB Home Loans.According to the lender, the buy-to-let market grew by a massive 62 per cent last year, with 184,900 buy-to-let mortgages outstanding at the end of December […]

&#39A step closer to offering public simpler products&#39 – Torquil Clark

Torquil Clark has welcomed Sandler&#39s positive vision, rec-ognising the benefits for consumers and the industry but advises caution on certain aspects of the review.The IFA says the review takes the industry a step closer to offering simpler products for consumers but it describes British consumers&#39 knowledge of financial services as distressingly low.It says there is […]

ScotMut service has hedge fund link

Scottish Mutual is teaming up with specialist fund manager Bucephale Group to launch a pension investment service with exposure to hedge funds.The Guaranteed Pension Investment offers trustees of all UK pension funds the ability to participate in a managed fund of hedge funds while offering full capital return at the end of the investment term.Scottish […]

Rayner Spencer Mills: Why we rate the Artemis Global Growth Fund

Ken Rayner and Graham O’Neill from RSM explain why they rate the fund, its investment process and how it can be used in a portfolio. The Artemis Global Growth Fund became a RSM ‘rated’ fund earlier this year. In this video, Ken Rayner and Graham O’Neill explain the fund’s investment approach, why they rate it, […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm