View more on these topics

OFT probes Brain buying MortgageStream

The Office of Fair Trading is to investigate whether Mortgage Brain’s acquisition of MortgageStream breaches UK competition laws.

It will consider if the new combined entity will result in a “substantial lessening of competition” within the sector.

In December, Mortgage Brain agreed terms to acquire the point-of-sale and case management system provider.

Mortgage Brain claims the acquisition will mean 13.4 per cent of authorised UK mortgage firms will be using Key, Mortgage Brain’s point-of-sale system, or MortgageStream.

In November, it emerged that Mortgage Brain had lost £418,000 as a result of the Office of Fair Trading terminating its plans for a merger with TrigoldCrystal.

Mortgage Brain revealed in December 2010 that it was in discussions with the board of TrigoldCrystal and had agreed to buy the business for £6.8m. However, the deal was scuppered by the OFT in March 2011 over concerns that it would lead to Mortgage Brain being too dominant in the sector.

The OFT referred it to the Competition Commission to investigate further, which led to Mortgage Brain abandoning its plans.

Mortgage Brain chief executive Mark Lofthouse says: “The OFT is looking at whether this deal falls within its jurisdiction and whether there would be a lessening of competition. Our view is that we would have circa 13 per cent of the market post-acquisition and, as such, we would be hopeful things would conclude successfully.”



TSC will question Sants over PRA role

The Treasury select committee wants to question FSA chief executive Hector Sants over evidence he gave the committee regarding the failure of Royal Bank of Scotland before he takes over at the helm of the Prudential Regulation Authority next year. The announcement comes a day after Sants gave evidence to the committee where he admitted […]

Narrow margin

So, this time next year, we will be happily basking in a the satisfaction of all the hard work that has been done to prepare for the RDR and IFA businesses will be reaping the benefit of a more professional industry. Well, that is the FSA’s intentions anyway. At the way things are going, there […]

Billy Burrows

Nudge, nudge

Shop around for the best annuity, customers are being told. But it seems few people explain how to shop properly. By this I mean the natural customer behaviour when it comes to shopping is to look for a bargain and get the best price. This might be an effective strategy if you are shopping for […]

State Bank of India to launch residential mortgages in August

State Bank of India has confirmed that it will launch a range of residential mortgages in the UK in August. Money Marketing’s sister title Mortgage Strategy revealed in September 2011 that India’s largest bank was looking at entering the residential sector in 2012, after launching a number of buy-to-let deals through its branches. A spokeswoman […]

Harris Associates' view on the UK’s vote to leave the EU

By David Herro, Partner, Deputy Chairman, Portfolio Manager and Chief Investment Officer of International Equity at Harris Associates Britain’s vote to exit the European Union has led to significant uncertainty across global markets. We believe market impact of this uncertainty, though severe, is more of a shorter-term phenomenon which will provide an opportunity for long-term […]


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