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Prestbury brings together brands

Financial services distribution firm Prestbury is planning to rebrand its three divisions – Moneybrain, Solution Network and LoansUK – under the corporate name.

Chief executive Lee Birkett says the names were all simply trading names and will be dropped, with all divisions to be known as Prestbury. He says that since the regulation of mortgages, there is now only one regulatory requirement for all of Prestbury’s divisions.

Moneybrain specialises in offering mortgages of over 100,000 to high-net-worth individuals, LoansUK offers mortgages and loans to consumers with adverse credit histories while Solution Network deals specifically with the professional intermediary marketplace.

Prestbury is also planning to launch a whole-of-market IFA early this year, which will mainly be a call-centre operation. The IFA will target a 60/40 split between phone-based and face-to-face sales.

Birkett is adamant that Prestbury will not offer a multi-tie option, as he believes multi-tie is only for commercial gain.

He says: “Moneybrain, LoansUK and Solution Network were all just trading styles and we will drop them to be known as Prestbury. All we have been doing since we floated is waiting for M-Day – we have only one regulatory requirement for all our divisions now. I do not believe in multi-tie – there is no way advisers can say there is no commission bias. The products are more expensive to pay for more commission.”


Child Trust Fund market up and running

Capita Life and Pensions has processed its first two child trust fund applications just hours after the products’ midday launch.The applications were processed for two new babies on behalf of The Children’s Mutual, which has outsourced administration of CTFs to Capita.Capita also runs CTF systems for HBOS and 22 of The Children’s Mutuals CTF partners […]


•The Diary is launching an appeal to find whoever created a somewhat stinging attack on Millfield’s multi-tie proposition. Likening the IFA’s share price to a downhill ski run, the person clearly has a rather large axe to grind. Surely not a disgruntled Inter-Alliance employee?To see the none too flattering skit, visit Urgent diary, urgent […]

Is your pension safe from longevity?

Two of my colleagues, Stephen Richards and Gavin Jones, recently presented a paper to the actuarial profession on the financial aspects of longevity risk. The paper was very well received. One key theme was the oft-unappreciated risks in defined-benefit pension schemes.

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Johnson Fleming set to host webinar on auditing auto-enrolment schemes

With 23 auto-enrolment compliance notices issued by the Pensions Regulator, and an evolving legislative landscape meaning previously compliant schemes may now be in breach of regulation, now is the time to think about auditing your auto-enrolment scheme. Johnson Fleming is hosting a webinar on 9 October at 11:00 on how to audit your scheme to ensure compliance, avoid breaches and fines and overcome data issues.


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