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RBS snubs brokers in shock move

Royal Bank of Scotland has admitted its intermediary mortgage business comes second to branch-based sales.

In reporting its interim results for the first half of 2006, the banking giant, which saw average mortgage balances grow by 10 per cent over the comparable period last year, partly as a result of strong growth from First Active, claims it has concentrated on its direct channel because of the more attractive rewards available.

Only last February, RBS launched RBS Intermediary Partners to help improve its broker-based sales.

The company says: “In the first half of 2006 we focused primarily on our branch channels, and our offset mortgage product again performed strongly.

“Intermediaries are an important distribution channel for mortgage products in the UK and we are an active participant in this channel, although there can be significant swings in volumes based on competitive pricing.

“In the first half of 2006 we stepped back from this market since, at the prevailing pricing, we considered the risk-reward equation unattractive relative to other opportunities.”


Portman unveils five per cent growth in assets

Portman Building Society has announced a five per cent increase in assets to 18.7bn in its interim results to June 30 2006.The group’s savings balances increased by six per cent to 12bn with net inflows of 439m, compared with a net outflow for the same six month period in 2005.Profit before tax also increased by […]

Weed them and reap

The FSA’s second review of the equity-release market saw the unprecedented move by the regulator of asking advisers who only write a small amount of equity-release business to stop and refer them on to specialist firms.

This week in Regulation

Select committee members can expect less of an
ear-bashing in future when examining financial services issues after this week’s announcement that Mick McAteer is standing down as principal policy adviser at Which?

Intellectual pursuit of tax avoidance

On reading the Opinion column in the July 20 edition of Money Marketing, I really could not resist responding – if only for the sake of my blood pressure. I don’t know whether your usual acuity was abandoned in favour of political correctness or if you had a sudden attack of naivety. Of course, Governments […]

Greg Broomer 2

Survey looks at the challenges facing businesses post auto-enrolment

A survey conducted by Johnson Fleming at the Pension & Benefits Show 2014 highlighted the key challenges faced within organisations post auto-enrolment. The results showed that communicating the changes and the value of them to staff, and receiving timely data from the payroll provider proved to still be the most challenging aspects of managing an auto-enrolment scheme.


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