Woolwich is offering a retention procuration fee for brokers along with a range of products for the intermed- iary market.Intermediaries will be paid a procuration fee if they feel the best advice they can give is for clients to stay with their current lender. A pilot scheme has been running since November 1, 2004, with members of the Legal & General mortgage club, ahead of a national rollout. The retention range of products allows existing Woolwich mortgage customers to have the same rates as new borrowers without the need to remortgage. This means customers are able to bypass the need for a valuation or contact solicitors. Brokers receive the same procuration fee where a client is rebroked as when new clients take out a mortgage product. Woolwich says the move is in the spirit of the Miles’ report which says lenders should make their full range of products available to all borrowers. Several lenders offer a ret- ention procuration fee but Woolwich is the first major high-street lender to offer this service.
Henderson Global Investors’ multi-manager team has sold out of the Schroder European alpha plus fund and reduced its weighting in Gartmore’s European focus fun as part of a review of its Continental holdings.
Morgan Stanley Quilter is launching three new portfolios within its managed portfolio service. The three new portfolios are adventurous, distribution, and cautious, adding to the firm’s growth, balanced and income portfolios. Morgan Stanley Quilter managing director Stephen Vakil says the firm has seen increased demand for both more aggressive and more cautious portfolios.Charges are 1.35 […]
A financial promotions action group is being formed by the FSA and senior marketing professionals to promote best practice in the marketing of financial products. The regulator’s financial promotion team and industry marketers will meet at the Royal Society of Medicine in London on October 6 to launch the group. FPAG aims to open up […]
If I say that I handle complaints to the FOS for a number of IFAs, then your IFA readers will understand why it is always with a very profound sense of relief that I reflect that legal services in Scotland are not, as yet anyway, subject to the same surreal system. Where you have a […]
Rob Burnett, Head of European Equities, Neptune An inflection point was reached during the middle of 2016 as investors realised that interest rates simply could not fall any further. We believe this was the catalyst for the outperformance of value strategies over quality growth, with the share prices of banks, materials companies and energy stocks […]
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Aviva has triggered a five day platform blackout as it moves to new technology. The platform will be unavailable from 6pm on Wednesday 17 January through to Monday 22 January while the provider manages its transition onto an updated system run by technology provider FNZ. The downtime will affect Aviva’s investment platform only, but other adviser […]
JLM Mortgage Services has launched the first stage of its new ‘robo advice’ service. The mortgage and protection network claims it is the first network to launch such a tool to its members. The Virtual Adviser will allow member brokers to offer an online service to residential and buy-to-let customers. This service will offer an […]
Providers should listen closer to advisers and consumers when deciding what initiatives will work