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Portman to close nine branches following review

Portman Building Society is to close nine branches following a review of its branch network.

The nine, in the West Midlands, come from an initial 26 that were identified following an annual review in April 2006, though the decision on which hubs to close was deferred.

Portman says the branches to shut have underperformed. Portman chief executive Robert Sharpe says: “In the areas where a branch will now close, it would appear that there is limited demand for the type of services we offer. The decision to close any branch is always taken as a last resort and we have tried to keep the number of sites affected to a minimum.”


Firms will save £1m a year with a single approved persons function, says FSA

The FSA says firms will save a combined £1m a year by merging its customer functions in the approved persons regime into a new single category. The move follows strong support from the industry for the proposal and will become effective on November 1 this year, alongside the other handbook changes relating to Mifid. It […]

1,200 Claim-chasers seek authorisation

The Department for Constitutional Affairs has received almost 1,200 applications from claim-chasers ahead of its regulation of the sector, with a significant number of firms applying to work in financial services.The deadline for ensuring firms are authorised by April, when regulation starts, passed last week, by which time the DCA had received 1,176 applications.A DCA […]

Cracknell calls for NI rebates for education

Origen director Michelle Cracknell is calling for the Government to give National Insurance rebates to employers offering approved financial education in the workplace.Speaking at Westminster and City’s annual distribution conference in London recently, Cracknell said financial education in the workplace was increasing in importance and employers need incentives to provide education.She also said better tax […]

2Plan sets up technology subsidiary Figure Out

2Plan, the new distribution firm being launched by three former Positive Solutions directors, looks to have another subsidiary arm called Figure Out.It is understood that 2Plan will be the distribution arm of the business and will be the brand name that faces advisers while Figure Out will be the technology side of the business.Money Marketing […]

Parental leave and pensions

Fiona Hanrahan  – Senior Product Insight and Technical Support Analyst We are often asked how parental leave impacts workplace pension schemes in terms of funding in general, auto enrolment and salary exchange. This article will explain each of these. How does parental leave impact the funding of workplace pension schemes? A member of a defined […]


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