Royal Bank of Scotland says it is committed to its intermediary channel after admitting it comes second on its priority list to branch-based business.After making the revelation in its interim results, RBS insists that revamped broker channel RBS Intermediary Partners, which launched in February, is in good health and remains a core part of its business. RBS argues that the reason its direct channel has taken priority is that some lenders have been pricing at a loss in 2006 and RBSIP did not want to get involved in a price war for broker business. RBS marketing director for consumer finance Ian Stuttard says: “The emphasis has been greater on the direct side but in no way is it suggesting that we are not interested in the intermediary market. From mid-January through to mid-May, the intermediary market was extremely aggressive. “In that time, HBOS were pricing at 30-35 basis points below the cost of funds. We have seen recent evidence that HBOS has pulled back and we have been prepared to participate more.” Stuttard admits that RBSIP has experienced service problems since launch but says it is improving the broker experience. He says it is also committed to setting up an online facility early next year. Stuttard says: “We have some service issues on RBS purchase business and we have been open with brokers and have asked them to bear with us. If you do not have online capability, then you will always be at a disadvantage.” Alexander Hall chief operating officer Andy Pratt says: “RBS was very aggressive in launching RBSIP. Maybe those expectations were too high.”
Thinc Destini has set up six buy-to-let seminars as it anticipates continuing growth of the market. The firm is encouraging advisers to bring their clients to the two-hour free seminars. Topics covered include Why Invest in BTL? and The Role Of The Landlord.
If the Council of Mortgage Lenders does not think it has sufficient data for the sub-prime market, then it had better get a handle on it soon.
One of the most successful fund-raisers of venture capital trusts over the last two years has been Octopus Asset Management, raising more than 100m for its Eclipse VCTs. However, being successful at fundraising does not necessarily equate to success at investment – just look at the Murray VCTs of the late 1990’s for example. Rather […]
Prudential pulled 3bn of with-profits money out of equities in the first half of this year to reduce the 69bn fund’s risk profile. The company decided in March to cut 2bn from its holdings in UK equities and trim back its Asian equities’ exposure from its with-profits life fund and has recycled the bulk of […]
Content supplied by Loomis, Sayles & Company — an affiliate of Natixis Global Asset Management For mutual fund investors and managers of large pensions or endowments, a major challenge is to identify those portfolio managers who are most likely to deliver superior risk-adjusted returns in the future. Understanding how an investment philosophy informs a manager’s decision […]
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The government is boosting its income from inheritance tax bills because advisers may have failed to communicate the full advantages of new exemptions. Speaking at a seminar yesterday morning, Prudential senior technical manager Graeme Robb pointed to the rise people affected by the increase in the residence nil rate band to £1m for married couples […]
National advice firm Foster Denovo has poached former Towry M&A head Henna Fry to lead its acquisition strategy. Fry played a leading role in the sale of Towry to Tilney Bestinvest before leaving her role in 2016 to become an independent consultant. She will take on the newly created role of head of corporate development […]
The Financial Ombudsman Service has appointed Money and Mental Health Policy Institute vice chair Richard Lloyd to lead an independent review into its complaints handling process. The former Which? executive director has been charged with producing a report into FOS’ practices after a Channel 4 documentary earlier this year suggested a number of failures at […]