View more on these topics

Principality lending hits £1bn but profits fall

Principality Building Society lent £1bn to mortgage customers in 2011, up by 6.5 per cent on £934m in 2010, although profits fell sharply.

In its annual results for 2011, published last week, the society says profits fell by 20.5 per cent from £30.8m to £24.5m.

Its core tier-one capital ratio increased from 13.3 per cent to 13.5 per cent. The society added 38,000 new customers, including 29,000 new savers.

Group chief executive Peter Griffiths says: “We will continue to work with all our stakeholders to create further innovative solutions to meet Wales’ housing needs, focusing on putting building back into building society in 2012 and beyond.”

London & Country associate director of communications David Hollingworth says: “I am a big fan of the Principality, I think it is an open-minded lender with good products and sensible underwriting, so it does not surprise me that its lending figures have increased.”

Loughborough Building Society also reported a 7 per cent increase in mortgage lending from £24.5m to £26.3m. Profits increased by 13 per cent from £661,000 to £751,000.



Lifemark moves closer to liquidation

The Luxemburg regulator has moved to begin the process of liquidating the Lifemark portfolio, closing an avenue for the Financial Services Compensation Scheme to recoup industry money paid in compensation to Keydata investors. The Commission de Surveillance du Secteur Financier issued a statement last week saying it intended to withdraw Lifemark’s licence, given its lack […]

Fund firms screen out SRI

Aviva is the latest mainstream investment house to pull away from offering specialist sustainable and responsible investment funds. Last week, the firm, which runs £1.1bn in SRI funds, announced plans to move the funds and the team to another institution. It will tackle environmental, social and governance issues through a new global and responsible investment […]


Aifa wants cap on regulatory fees and accountability review

Aifa is lobbying MPs for a cap on regulatory fee increases and a review of the new accountability arrangements. In a briefing note sent to MPs ahead of this afternoon’s debate on the Financial Services Bill, Aifa says future fee rises should be capped and that the Treasury should have to sign off on any […]

Buy to let gets a boost

Competition in the buy-to-let sector has pushed mortgage rates down at a time when residential rates have started to rise. The increased cost of funding due to the effects of the eurozone crisis has started driving up the price of residential mortgages. data shows the average price of a residential two-year fixed-rate mortgage has […]

‘How to…audit your auto-enrolment scheme compliance’

Avoid pension penalties with our auto-enrolment checklist

According to the Pensions Regulator’s annual commentary and analysis report released this month, 785 potential non-compliance cases were referred for investigation, with 23 auto-enrolment compliance notices issued. And they predict that the use of their statutory powers is only going to increase.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm