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OFT to investigate Mortgage Brain’s acquisition of MortgageStream

The Office of Fair Trading is to look at the anticipated acquisition by Mortgage Brain of MortgageStream.

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

The OFT is considering whether arrangements are in progress or in contemplation which, if carried into effect, will result in the creation of a relevant merger situation under the Enterprise Act 2002 and, if so, whether that might result in a substantial lessening of competition.

It expects to complete its findings by March 20 2012.

In March 2011 the OFT referred Mortgage Brain’s planned acquisition of TrigoldCrystal to the Competition Commission.

It claimed the merger would have deterred competition in the market and was worried the move would have led to less innovation and a lower quality of service to customers.


ITV hit with £62m ‘financial support direction’ from The Pensions Regulator

The Pensions Regulator has ordered broadcasting giant ITV to provide support for the Box Clever pension scheme, which has a £62m deficit. Box Clever was a joint venture set up in 2000 as part of a merger of the Granada and Thorn TV businesses. In 2003, Box Clever went into administration. It was subsequently sold […]

Rent-back borrowers lose appeal in suspected mortgage fraud

Victims of a suspected mortgage fraud face repossession after losing their appeal against a High Court ruling. The Court of Appeal has dismissed four appeals from individuals who entered into a sale-and-rent-back deal with a firm currently being investigated for mortgage fraud. Northumbria Police is investigating North East Property Buyers for an alleged fraud involving […]


Technical changes to automatic enrolment

What with all the pensions freedoms and budget announcements of the last few weeks, you may have missed the announcement that will be of importance to all UK employers – and that is the Technical Changes to Automatic Enrolment document published last month by the DWP.


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