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L&G ends Network Data deal

A row between Legal & General and Network Data has led to L&G ending its business relationship with the mortgage network.

L&G says it is no longer dealing with Network Data because of the low quality of business it says the network has been submitting.

But Network Data says the termination of the rel-ationship is a reaction to its L&G-IT campaign and says L&G is unable to differentiate between being a product provider on one hand and a network on the other.

Network Data launched the L&G-IT campaign to lure away small L&G brokers it says L&G told to join umbrella companies such as L&G-owned Mort-gage Advice Bureau.

L&G spokesman Peter Timberlake says: “Legal & General has severed its business relationship with Network Data as the quality of business that we received was much lower than with other IFAs.”

Network Data managing director Richard Griffiths says: “We have submitted business to Legal & Gen-eral for four years – for them to turn around and say it is low quality is just not credible.

“We do not think that this will make a difference to our life panel as we already have agreements with other providers.”


BBA announces July lending figures

Total sterling lending to the UK private sector rose 1.1 per cent to £1,015.6bn in July from £1,004bn in June according to data gathered by the British Bankers&#39 Association. The £5.7bn rise for July is lower than the June figure of £6.4bn but close to the monthly average of £5.8bn. The July statistics show net […]

ALIL US dollar account balances up two thirds

Alliance & Leicester International has seen a 66 per cent growth in investment into its US dollar accounts since January and the firm says balances are set to rise further. ALIL says the average balance on their dollar accounts &#45 for offshore clients &#45 now stands at around $188,215 (or £103,000) and believes this figure […]

Bubbly loses its fizz

I will retire later this year when I reach 65 and have heard that through the use of stakeholder pensions I could get a guaranteed return of nearly 10 per cent on my money with apparently no strings attached. Such a level of interest sounds very attractive as at present I am getting less than […]

Independent view

I&#39m not sure if I dare but I feel compelled to criticise, in the nicest and most positive way I can, Ruth Kelly&#39s commentary piece headlined Why the cap fits in Money Marketing of July 15. The reason I feel able to is that the item seemed to be aimed at a generic audience rather […]

Benefits - thumbnail

Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


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