The Mortgage Power a nationwide network of mortgage brokers has opened its new offices in Middlesex. TMP provides packages for the Money Store, Capital Home Loans and Irish Permanent.
Barclays Global Investors is launching a traded endowment policy investment trust which is aiming to raise £30m.BGIEF III will buy Teps that will mature between 2009 and 2013. The mid February launch will comprise a placing and offer for subscription which will close in early March.Minimum investment is £2,000. IFA commission is 2 per cent.
The Department of Social Security has announced that the compensation bill for delays to occupational and personal pensions providers caused by computer system NIRS II will reach between £35m and £40m.The Government issued the figures in response to a question from Liberal Democrat Social Security spokesman David Rendel MP.Rendel condemns the additional costs.He says: "The […]
Scottish Amicable's 1998 new business figures are up 24 per cent on the previous year.Total new business was £163.5m up from £132.2m.Pension sales are up 16 per cent to £65.1m and savings and protection products up 29 per cent to £10.7m.Scottish Amicable sales & marketing director John Cowan says: "These excellent new business figures reinforce […]
Axa Sun Life's decision to withdraw from the life and pensions market due to what it saw as unsustainable price competition is responsible for the 1998 profits dip, according to analysts.Insurance analyst Ned Cazalet says: "Sun Life withdrew as it felt the pricing had gone mad due to the pressure of competition, especially in pensions. […]
Protection providers often extol the benefits of placing plans in trust. The advantages for clients are widely recognised and numerous – inheritance tax mitigation, avoiding probate delay, controlling claim proceeds, and so the long, familiar list continues. Yet, dismissed as unnecessary form-filling, or simply viewed as irrelevant in the context of a mortgage sale, less […]
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The curious goings-on in the world of financial services
Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]