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.”