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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Scotland has introduced a new set of income tax bands, but pensions experts warn that the changes could cause issues with pension tax relief calculations. In the Scottish Budget today, the Government announced a new starter rate of 19p and then a 21p rate for those earning over £24,000. The higher rate of tax is […]
The scramble to do as many defined benefit transfers as possible while values remain high is unabated, and I am constantly amazed at how some firms have thrown caution to the wind in the hunt for their share of this – admittedly lucrative – opportunity. The problem is that advisers are putting their profits before […]
The FCA working group tasked with setting a template for fund charge disclosure is considering whether one or multiple templates would be more suitable. The institutional disclosure working group, chaired by transparency champion Chris Sier, has been tasked with creating a new template for fund costs and charges following the package of remedies outlined in […]