View more on these topics

Rodrigues bids to regain focus as profits slump

Bradford & Bingley chief executive Christopher Rodrigues is taking a more hands-on role in its distribution business after half-year profits for its distribution channels plummeted to £1m.

Rodrigues will take over running B&B&#39s estate agencies after managing director of retail Peter Barrett resigned.

Group commercial director Ian Darby is taking over Charcol and group operations director Robert Dickie will oversee The Marketplace.

Profits for Charcol, The Marketplace and B&B&#39s estate agencies fell by more than £13m to £1m from £14.7m in the first half of 2002. This means that, based on a simple calculation, the group made less than £972 profit for each of its 1,029 RIs.

B&B blames the 94 per cent decline in profits on a difficult investment market combined with training costs, new product lines and the work it has been doing on its general insurance proposition.

Overall distribution revenues fell by 9 per cent to £118.9m from £130m but mortgage broking offered a glimmer of light, with revenues rising by 31 per cent to £33.6m from £25.6m. Investment revenues declined by 36 per cent to £21.4m from £33.6m.

Head of retail PR Siobhan Hotten says: “It is fair to say the property business has seen a fairly difficult first half, particularly the second quarter. With the business going through a challenging time, Christopher felt it deserved the focus and attention he could bring.”

London & Country mortgage expert David Hollingworth says: “B&B has suffered from a lack of confidence in the equity market and a slowing property market. But its mortgage broking side has been successful.”


Pru and Essential join the AMI

Prudential Mortgage Services and Essential Mortgage Services are the newest members to join the Association of Mortgage Intermediaries. AMI director Chris Cummings welcomed the two, saying both firms have an “excellent reputation” and are seen as leaders of the industry. The support of brokers for the AMI is indicative of its fast growing membership which […]

Glasgow offers triple Isa

GLASGOW INVESTMENT MANAGERS GLASGOW ISA Type: Investment trust maxi Isa Aim: Income and growth by investing in choice of three Glasgow investment trusts Minimum investment: Lump sum £200 a trust, monthly £20 a trust Maximum investment: Lump sum £7,000, monthly £583 Catmarked: No Investment choice: Choice of shires income, shires smaller companies and Glasgow income […]

First-time buyers face a growing housing shortage

Halifax is warning that the shortage of new homes in the UK could be as high as 500,000 by 2021, bolstering house prices and making it harder for first-time buyers to get a foot on the property ladder.Halifax predicts that the cumulative shortage will reach 500,000 if the number of new houses, particularly in London […]

UK workers missing out on tax breaks says IFAP

UK workers are missing out on £350m in tax breaks by ignoring employee share plans IFAP has revealed.IFAP says this amount could be just the tip of the iceberg in what employees could save from tax breaks on the Profit Share Scheme. It points out if all staff currently involved in the Scheme invested just […]

In Focus Ebola cover - thumbnail

White paper — In Focus: Ebola Virus Disease

Jelf Employee Benefits focuses on Ebola Virus Disease (EVD) and what this means for businesses with operations in West Africa. This will be of particular interest to those with employees either travelling to, or living within, West Africa, the area affected by the most catastrophic outbreak of Ebola to date.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm