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Prestbury quits IFA sector

Prestbury has withdrawn from the IFA sector to conc-entrate on mortgages, bla-ming the challenging mar-ket conditions.

Chief executive Lee Birkett says after a stress and risk test assessment with the FSA, it decided that being in theadviser market did not merit the risks involved.

He says: “We deemed it to be too high risk to continue doing this type of business.

“You have got to have a large percentage of wealth management business to play in that arena. It was something we have not been able to consider properly. To be a wealth management player, you need to have a publicly backed institution behind you.”

The firm has also revealed that it is going through a management buyout which would see it removed from Aim.

Birkett says it has decided to take this route to enable it to make a number of acquisitions without the burdens of being a public company.


Anchor joins with overseas specialist

Overseas mortgage specialist Conti Financial Services has merged with UK broker Anchor Mortgages. New investment into Conti will help it launch a website next month offering real-time tracking of applications.

Third dimension

A series of cases inthe US relating to deferred annuities should serve asa reminder to the UK financial services community of the risks inherent in direct salesforces marketing complex packaged products to elderly people.

IFA warns over Standard mailing

An IFA has attacked Standard Life for offering his investment clients direct deals.Jordan Financial Management director Michael Jordan says a recent mailing is “corporate greed”.He warns that the move also risks disrupting clients’ asset allocations as investment transactions will not go through the adviser.He says: “Standard Life is trying to take the bread out of […]


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