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Melton Mowbray BS buys stake in packager

Melton Mowbray Building Society after the Melton bought a stake in packager Praxis.

The society is pledging increased capital for new IT systems on the back of its investiment to buy a minority share in the firm.

Praxis managing director Richard Stettner says: “Both companies have expertise in different areas and together we hope to explore new ventures, that otherwise could have been impossible. Melton’s buy-in gives us the ability to expand our service range even further in 2007.”

Melton chief executive Martin Reason says: “The Melton has an ambitious growth agenda and we see our relationship with Praxis as an exciting opportunity to continue this.

“To enhance and grow the specialist packaging capability of Praxis, the Melton has pledged capital, particularly for investment in new IT systems. Coupled with this we also welcome the opportunity for the sharing of other processes and human resources which will undoubtedly benefit both Praxis and the Melton.”


FSA partly to blame for TCF failures

I have some reservations over the FSA’s treating customers fairly initiative – not the concept, just the initiative – but I had to do a double-take on the article headlined, FSA warns of enforcement action on TCF. It appears that after nearly two decades of regulation, the regulator seems not to have managed to get […]

Adnitor to host first platform awards to recognise excellence in wrap provision

After a promising 2006 where usage of and asset movement onto intermediary platforms has shown respectable growth, 2007 holds much promise for both providers and advisers operating in this space. Adnitor estimates that a further £35bn of assets will move to intermediary platforms over the next 12 months.In terms of new entrants the market also […]

Concordia agrees first exclusive with IF

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FSA says don’t rely on 15-year long stop

The FSA is telling firms that it is inappropriate and misleading to rely on the 15-year long-stop defence when time-barring endowment cases.The regulator has published thematic work on time-barring endowment complaints and although it found the vast majority of cases are fair and in accordance with Disp rules, a small number were rejected inappropriately and […]


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