Nationwide is looking at creating a separate giant division for intermediary business.The UK’s biggest building society is considering whether the move would be better than housing direct and intermediary business under the same roof. Last week, West Bromwich Building Society announced the creation of West Brom for Intermediaries, which will generate and process broker business. Yorkshire, Britannia, Derbyshire and Portman building societies have similar operations. Nationwide saw gross mortgage lending fall to 21.1bn in the last financial year compared with 23.2bn over the previous 12 months although it claims it deliberately wrote less business due to fears about the state of the housing market. It has also revealed that it will make a push into the light-adverse market via its UCB Home Loans subsidiary. Chief executive Peter Williamson says: “I do not know whether we need to split the business off but we are thinking about it to see how the model works. There are no plans at the moment to do what West Brom did but that is not to say we will not change our plans. We have local branch people with excellent relationships with local introducers and dedicated units that look after big networks.” Mortgage Advisory Service head Stuart Wilson says: “I am worried about such moves as it makes it easier for providers to undercut brokers in their direct offerings.”
Home Information Packs have been slammed as rubbish by Tory MP and AMI chairman John Gummer.Speaking at the Association of Mortgage Intermediaries annual dinner last night, Gummer insisted the industry will do its utmost to ensure a smooth transition towards the Hip regime despite his ferocious assault, which drew tumultuous applause from the assembled brokers […]
The Pensions Regulator head of strategy John Ashcroft explains the filter system that will be used to regulate defined-benefit scheme funding
As most children of my era would admit, cowboys and indians was a common pastime and the landscape of Glasgow had to be mentally edited so that the sight of giant cactuses was in mind when not necessarily in the line of sight.
With a White Paper on pensions to be issued this week, the Government is probably congratulating itself.
This year looks set to bring a new danger for pension savers and their employers.
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The Financial Services Compensation Scheme has declared self-invested personal pension operators Stadia Trustees, Brooklands Trustees and Montpelier Pension Administration Services in default. The lifeboat fund has received around 150 claims for compensation relating to the three businesses. Those claims relate to how the businesses set up, operated and administered Sipps through which people invested in […]
The Department for Work and Pensions has confirmed it will not change the pensions triple lock and will explore bolstering the powers of The Pensions Regulator in the forthcoming legislative period. The DWP published its “single departmental plan” yesterday, which sets out five objectives it is working towards over the next four years. It has […]
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