West Bromwich Building Society paid 6.8m to buy the broker franchise Mortgage Force in March.The building society’s annual report and accounts confirm an up-front cash sum of 6m while the 0.8m was a deferred purchase consideration. Mortgage Force’s last results before the acquisition showed a profit of 121,000 for the year ended March 31, 2004. The franchise opened ano- ther 10 outlets in what Mortgage Force chief executive Rob Clifford admits was a difficult period while the dust was settling after the acquisition. The report says Mortgage Force provides an additional dimension to the group’s operations and supports its growth plans. The franchise is wholly owned by West Brom. Clifford says: “We have been given the autonomy we were promised before acquisition. The management team has doubled in size to get us into great shape.” Gross lending for the soc-iety rose by 12 per cent to 1.8bn. The Council of Mortgage Lenders ranks West Brom as the 27th-biggest lender, with an estimated 0.4 per cent share of gross mortgage lending.
The FSA today places a restriction on former Teare Rose partner Jonathan Elms for failing to carry out proper pensions review procedures.Elms has been prohibited from holding any approved person role involving significant influence within a regulated firm. He will no longer be able to hold any management position within an authorised firm including running […]
Hemisphere Property Management
Hemisphere Property Fund
IFAs are breaking the FSA’s depolarisation rules and failing to provide an adequate fee option to their customers, say the two biggest IFA bodies. Aifa and the Personal Finance Society are warning their members to ensure the fee option is embedded in their business if they want to operate under the IFA banner or risk […]
From April 6 next year, the eight UK pension regimes will be replaced by a single regime.
By Steve Webb, director of policy In my recent discussions with advisers, a hot topic has been the growing number of people interested in transferring their defined benefit pension rights into a defined contribution pension scheme. With many pension schemes offering eye-watering transfer values, this is likely to be an area of increasing interest. Yet […]
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A former IFA who pocketed clients’ Sipp money has been given a six-year jail sentence. Darren Say, who ran advice firm Wealth Connection, was found guilty of fraud by abuse of position and of fraudulent trading after creating a pension scheme that loaned money to clients’ Sipps before investing funds in a property company where […]
Consumer champion Martin Lewis has published a passionate warning about scam advertisements using his identity to endorse investment and insurance schemes. Lewis, founder of Money Saving Expert, has posted a video denouncing a cloud-based trading scheme that claims he invested £500,000 in it. He says in the video: “It is a con, it is a […]
The FCA cancelled the authorisations of more than 200 firms last year for failing to meet “basic regulatory requirements” like paying their fees or filling out regulatory returns. The regulator revealed the figure in an update today, that its Threshold Conditions Team took enforcement action against at least 207 firms for failing such compliance failings […]