View more on these topics

Modray quits over BestInvest strategy changes

Bestinvest head of communications Justin Modray has left the firm after four years.

Modray resigned last Friday, citing discontent with changes at the firm recently, and he is now on gardening leave.

Bestinvest, which has £3.7bn in assets, has been under the microscope this year after founder John Spiers stepped back from the business, passing on the chief executive role to Andrew Barnes.

Modray says Barnes’ introduction has been the catalyst for a number of changes. He says: “The arrival of a new CEO has seen a fair amount of change at Bestinvest this year, causing me to become increasingly unhappy over certain issues. As a result, I have reluctantly parted ways with the company.”

Journalists calling the firm have been told that Modray “is on holiday for the next couple of weeks”. Sources confirm that an email was sent to staff on Monday with instructions on how to handle calls for Modray.

Money Marketing understands that further departures could be in the offing. Sources also say there are concerns within the firm that it will not reach its business targets following the 3i deal.

Modray says he is looking at a number of possible opportunities but cannot give details.

BestInvest business manager Hugo Shaw says: “This deal with 3i has allowed some within the firm to re-access their goals and move on to achieve them but this business is a happy ship.”


Risky lending to decline but BTL boom goes on

High-risk categories of lending are expected to see a reduction in business in the coming months, according to Intermediary Mortgage Lenders’ Association’s latest member survey.Self-certification business is expected to fall by around 2 per cent over the next quarter while light, medium and heavy-adverse volumes are predicted to ease by slightly smaller percentages.Lenders believe that […]

Protection downfalls

Protected investments can have nasty surprises for investors

Platform cuts LTVs and raises rates

Platform has become the latest lender to tighten its lending criteria and increase rates across its non-conforming range by 1 per cent.It is lowering its maximum loan to value from 95 per cent to 90 per cent.This follows similar moves by both GMAC-RFC and Mortgages plc.Platform has reduced its first-time buyer maximum LTV from 95 […]

Life firms blast Lawson over publishing annuity rates

Life companies have hit back at Standard Life head of pensions policy John Lawson, saying that his call for all annuity providers to publish their rates is “nonsense”.Scottish Life, Skandia and St James’s Place claim that Lawson is missing the point after he named 11 firms which are still open to new personal pension or […]


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 advice.

    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