View more on these topics

NU move is delaying wrap cash

Norwich Union has admitted it has been holding back on IFAs’ commission payments for up to eight weeks due to admin problems with its Lifetime wrap proposition.

Lifetime is moving its Cambridge operation to NU’s York office and some IFAs have been experiencing significant issues with service standards, transaction times and receipt of payment.

NU director of wraps Angela MacDonald says: “We have had problems with cases where the hold-up has affected the distributor as they are at the end of the process.”

She says any payments that took place from before Christmas would have been affected but have all now paid out.

MacDonald says although the problems are not yet over, she anticipates that by June, the operation should be fully transferred to York.

NU says wrap is a fledgling market with all players suffering teething problems.

She says: “We recognise that as wrap shifts into a different space, transaction time needs to be in hours rather than days. Our ambition, once we have finished the transition, is to offer a fully online proposition.”

Max Horne Group CFP Max Horne says: “I think their service promise says they will complete transactions in five days. There are paper-based propositions out there that are qui-cker than that. You cannot compete in a wrap space with such poor technology.”


Cobalt buys up Square Mile Finance

The deal marks the latest chapter in Cobalt’s growth and it is likely to continue on the acquisition trail. Last November, it became one of the founding members of broker alliance Concordia.The Square Mile name will continue as a brand and its day-to-day running is unchanged.Cobalt managing partner Julian Ingall says: “It has been no […]

Towry keeps clients after move to fees

JS&P Towry Law says it has lost just five advisers and no clients after moving to a feeonly model.The firm says it expected between 15 and 20 advisers to go but only five have said they are leaving. None of 2,000 clients contacted with details of the move away from commission have indicated that they […]

Bank of America aims for UK niche

Bank of America has added its name to the growing list of US investment banks targeting a move into the UK mortgage lending market.It is looking to launch a mortgage origination arm either through acquisition or through organic growth, with brokers tipping a move into the specialist mortgage sectors.BoA has created new positions of head […]

Cowman resigns as Pru proposition chief

Prudential head of proposition development Paul Cowman has resigned. He was appointed to the newly-created position last August, having been head of protection.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm