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Proc fee payment pledge

Mortgages plc has enhanced its process for payment of procuration fees, saying payments will be dispatched to networks, packagers and brokers within 24 hours of completion.

After dispatch, intermediaries can expect funds to be cleared into their bank accounts within three days.

Mortgages plc is the wholly-owned subsidiary of Merrill Lynch and the initiative coincides with the introduction of a new product range at Merrill Lynch Financial Centre this week.

Mortgages plc sales and marketing director Peter Beaumont says: “Our research has unearthed a large degree of frustration among intermediaries because of lenders who drag their feet when it comes to paying procuration fees.”


Multi_Manager view

Despite the growing popularity of fund of fund investing, some advisers maintain that they are not the quick fix for asset allocation that investors may perceive them to be.

Morgan Stanley forecasts F&C outflow

A report on F&C by Morgan Stanley has predicted an outflow of 3bn in assets under management this year, after suffering outflows of 4.7bn last year. A 25-page Morgan Stanley report said F&C has suffered following its merger with Isis last October. The Morgan Stanley report says unit trust sales moved from an 85 million […]

Smooth operation

Schroders business development director (UK finan-cial institutions group) Robert Noach advocates regular-contribution saving and asset allocation to ensure a smooth ride and believes this year could see a marked shift in the fortunes of the savings market.


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