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NatWest and RBS buying stake in Mortgage Brain

NatWest and RBS are acquiring a 12.75 per cent stake in trading platform Mortgage Brain in a move which will see it co-own the company with Nationwide, Halifax and Alliance & Leicester.

The UK&#39s second-biggest bank says it is poised to buy an equal share in the platform for an undisclosed sum in a bid to ease the compliance burden imposed by FSA regulations, likely to come into force next August.

The deal, due to be completed this week, marks a significant step towards Mortgage Brain&#39s ambition to be the first common trading platform owned and controlled by the industry.

It is currently developing technology to enable it to provide intermediaries pro-cessing business through the platform with fully compliant pre-application documentation – one of the main requirements of lenders under the new rules.

A pilot scheme to test the software is already under way and its success could prove pivotal to Mortgage Brain&#39s abil-ity to secure the signatures of the four additional equity partners it is seeking.

Mortgage Brain managing director Mike Green says: “This really shows we have captured the mood of the marketplace. We can now look forward to signing up the other major lenders we are in serious discussions with.”

NatWest head of mortgage sales Charles Haresnape says: “We will work to develop the proposition further to provide both intermediaries and len-ders with a cost-effective, compliant trading platform.”


Fund managers slam proposals

Fund managers say proposals in the FSA&#39s report on past performance in ads are impractical and misleading and are calling for more debate.The FSA taskforce report, which suggests that standardised measures of risk and past performance should be devised for investment ads, is lambasted by fund managers. They argue that risk is too complicated to […]

&#39Employers should advise staff&#39- KPMG

Accountancy firm KPMG is calling for the relaxation of rules for employers offering financial advice to staff. It believes technology tools would help choose financial products.It is also asking for incentives to encourage employers and staff to take up stakeholder pension schemes.

James Brearley & Sons – MFM James Brearley Premium Growth Trust

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Mutual friends to welcome each other&#39s members

Britannia and Yorkshire building societies are launching a branch-sharing initiative to allow their members to use either company&#39s branches.More than two million members of Britannia and 1.8 million members of the Yorkshire will be able to pay in or withdraw money free of charge from a range of savings and mortgage accounts at branches of […]

Testing the Foundation

The global economy isn’t headed into recession, at least not yet. This month, David Lafferty, Chief Market Strategist at Natixis Global Asset Management, examines current capital market and portfolio risks for signs of recession. Click Here for Capital Market Notes


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