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Rock and C&G are poised to buy Mortgage Brain stakes

Northern Rock and Chelten-ham & Gloucester are poised to acquire stakes in Mortgage Brain in moves which would see the trading platform account for 80 per cent of the market.

The two lenders admitted this week that they are on the brink of signing agreements with the four owner lenders – Nationwide, Halifax, Alliance & Leicester and RBS/NatWest – to buy equal 8.5 per cent slices of the company.

The news comes just two weeks after RBS/NatWest announced it was becoming the first lender to acquire an equity stake in Mortgage Brain since the original consortium bought a 51 per cent share in May.

Northern Rock and C&G say they are likely to commit themselves to the platform due to forthcoming FSA mortgage regulation requiring them to monitor the product information brokers give to borrowers. Both are going through due diligence and expect to have completed deals by the end of November.

Northern Rock director of corporate relations Tony Armstrong says: “We are going through the formalities but in all probability we will be joining the platform as an equity partner.”

C&G head of communications Peter Mounty says: “Mortgage Brain would seem to offer a balance of access and compliance for where the industry will need to go in the future.”

Mortgage Brain managing director Mike Green says: “This shows what we have alw-ays said – the mortgage industry needs its own platform. Regulation has simply concentrated minds to look for a technology-based solution.”


AA may outsource business to IFAs if the demand grows

AA IFA, the telephone-based advice service, is considering outsourcing face-to-face advice to regional IFAs if there is enough demand for the service after a test period.The phone service goes live this month with three IFAs during its pilot phase, which runs until the end of the year. During that time, consumers wanting face-to-face advice will […]


Would you expect higher levels of commission in the event of multi-ties?“Yes. IFAs who multi-tie will expect more commission but we would not go multi-tied anyway.”Sally Mynett,GB Financial Services “No. Commission is not the driving source for me, so I would not have a problem.”David Savage, David Savage & Associates “Yes, probably. Providers will be […]

Hopes rise over rethink of pensions price cap

The Treasury is believed to be reconsidering the 1 per cent charge cap on stakeholder, according to senior industry sources.Money Marketing has been informed by industry insiders that the Government is rethinking the cap imposed on stakeholder and possibly Catmarked Isas and is planning to issue a consultation document or policy statement before the end […]

CML in legal warning to firms over monitoring

FSA mortgage regulation which encourages lenders to outsource their monitoring requirements would be open to legal challenge at “each and every stage”, claims the CML.In a letter to FSA head of mortgage regulation Sarah Wilson, CML director general and ex-barrister Mich-ael Coogan claims an outsourced body would face significant legal risks under enhanced human rights […]

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Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.


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