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Merger will give TMO more clout in e-loan market

The Mortgage Operation is merging with its German equivalent, Haus &

Capital, having attracted £5m in venture capital to spend on UK expansion.

The move, revealed in Money Marketing in February, has given birth to

Creditweb, a pan-European e-commerce mortgage company poised to dominate

the fight for Europe&#39s internet-based personal finance market.

The merger gives Creditweb access to £19.5m in venture capital from New

York- based private equity firm Argonaut Private Equity Management, which

will support the ongoing development of online mortgage broking system


TMO says it aims to increase the number of brokers regularly using TMOS to

10,000 from 7,500.

It says £5m of the £19.5m in new capital has been ring-fenced to market

TMO in the UK, where Creditweb will continue operating under the TMO brand.

The new investment will also be used to increase Cre ditweb&#39s operations

throughout Europe.

Creditweb says it is already signing deals which will make it operational

in Italy, France, Spain, the Netherlands and Scandinavia.

The new company says these commercial arrangements will give Creditweb the

financial muscle needed to succeed in the pan-European market.

TMO marketing director Josh Cooper says: “We are buying into established

market leaders across Europe and establishing links with key lenders. This

is giving us collective bargaining power with lenders and the benefits of

true cross-border products.

“Our financial clout means we are starting to create significant economies

of scale.”


Forming attachments

IFA service providers have mushroomed to seven from just one (TheExchange) at the last count, including Assuresoft, Synaptic, Misys and anumber of others created by national and network IFAs such as Bankhall andWillis National.These service providers have acted on IFA wishes to provide an electroniccomp arative quotation service and other information-based services totheir financial adviser […]

Children&#39s tax credit where it&#39s due

For those of you who regularly advise couples living together andfinancially supporting children, life will get increasingly awkward fromApril 3, 2001. You will need to start preparing for it now, if you have notalready done so.In last year&#39s Budget speech, Chancellor Gordon Brown announced theGovernment would introduce a new children&#39s tax credit from April 2001.In […]

Five more watchdogs for Insurance Ombudsman

The Insurance Ombudsman Bureau has appointed five ombudsmen to supportprincipal ombudsman Tony Boorman.The appointments precede the transition of the IOB and the other fiveombudsmen schemes to the single Financial Ombudsman Service. This is due tohappen during the latter part of 2000 following the implementation of theFinancial Services and Markets Bill.The associate ombudsman is Peter Hart. […]

Weighty issues

This year, for the first time in the UK, a single company came to accountfor more than 10 per cent of the stockmarket index. This may seem like atechnical factor, which it is, and irrelevant to the advisory market, whichit isn&#39t.This issue, if unchecked, will have a broader effect on the retailinvestment market.Vodaphone Mannesman now […]

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Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.


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