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Open is granted injunction to protect franchisees

Zurich and Openwork have won their application for an interim injunction against rival Home of Choice, preventing it from recruiting Openwork franchisees until the case is heard.

The hearing in the High Court on June 28 was based on a number of allegations including that the defendants were acting in breach of restrictive covenants.

Home of Choice has agreed to adhere to the terms of the injunction until the trial later in the autumn. But it says the court accepted its argument that Openwork’s contracts allow advisers to run a mortgage business as a parallel business to their franchise and can therefore choose to deal with any company including Home of Choice.

Openwork chief executive Stephen Leaman says: “We are pleased to note the defendants are prepared to remain within the terms of their legal obligations until the matter can be determined fully by the court.”

Home of Choice chief executive Keith Baldwin says: “We cannot understand why Openwork wants to be distracted by legal proceedings. The challenge is to be best, not try to stifle competition or tie people in against their will.”


Pru’s lifetime loan aiming to address safety concerns

Prudential is ready to launch its lifetime mortgage product this autumn, focusing on a flexible loan facility allowing customers to draw down more cash the older they get. Addressing concerns raised by the FSA in May, Pru’s Property Value Release Plan restricts customers to drawing down equity in manageable chunks, Money Marketing understands. It is […]

Biotechs boosted by fund repatriation

The US biotechnology sector stands to benefit from the repatriation this year of up to 57bn formerly tied up in Ireland, says a prominent fund manager. Framlington biotech fund manager Gareth Powell says some major pharmaceutical companies have found themselves with a wealth of cash to make acquisitions following a change in US government rules […]

Focus Solutions appoints new sales director for the north

Financial services provider of customer management solutions, Focus Solutions, has appointed Chris McGraw as director of Northern sales. McGraw will be responsible for generating new opportunities within Scotland and the North of England for Focus’ solution for the life and pensions market enabling e-trading across multiple distribution channels. His experience spans 25 years in sales […]


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