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Money Partners to announce criteria changes to sub-prime products today

Money Partners has confirmed it will be announcing criteria changes to its sub-prime range of products today.

Head of communications Bob Sturges says it will be making adjustments to its sub-prime range but it near prime and prime range will not be affected.

Sturges says it will be reducing maximum loan to values on some of its heavier sub-prime products but he would not go into detail until an alert had been sent out to brokers.

He says: “We will continue to be a full-offer lender. We’re not pulling any business or shutting down.”

This follows a previous rate rise in its Origin range of products which saw sub-prime products increase by 0.75 per cent.

Money Partners will be issuing a bulletin to brokers today.


IFA’s shock at Clerical indemnity-only stance

Clerical Medical has been criticised for restricting advisers to taking commission on an indemnity basis.In June, Clerical introduced a new pension commission model which it says is aimed to improve persistency rates among advisers.It replaced the Lautro scale that was previously used by Clerical with a single initial commission option and a fixed three-year clawback […]

New ideas for Skandia and Bailey

T Bailey is to launch a UK best ideas portfolio on October 1, meshing fund of funds and conviction investing. It will be made up of 10 UK equity funds, each with a weighting of 10 per cent. It will be managed by Richard Martin and Jason Britton. Skandia Investment Management is to launch its […]

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 […]

Trouble ahead - thumbnail

Pensions: trouble ahead?

The pace of change in the pension’s space has been little short of astonishing, and has left thousands of employers struggling to keep their pension policy compliant, and also on the right side of current best practice and governance. Many employers, and indeed many in the pensions industry itself, would like to see a period of no change during the next term of government. This would give all sides a chance to catch up and draw breath. 


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