View more on these topics

Royal Bank of Scotland ready to sell sub-prime lender

A subsidiary of Royal Bank of Scotland is understood to have put its stake

in sub-prime lender i group, formerly known as Ocwen, up for sale.

Royal Bank of Scotland Development Capital owns 49 per cent of i group

shares which it is said to have offered without success to several

sub-prime lenders, believed to include Platform Home Loans and RFC.

However, i group denies RBS is trying to sell the shares which it acquired

last year.

Platform says it does not comment on such issues.

But one sub-prime lender source says: “We are aware the i group shares are

up for sale.”

As Ocwen UK, the company was dogged by the reputation of thousands of City

Mortgage Corporation loans on its books. The loans were widely critici-sed

for high interest rates and harsh redemption penalties.

Ocwen changed its name to i group in April to distance itself from its old

image.

A Royal Bank of Scotland Development Capital spokesman says: “We never

comment on speculation of this kind. We are happy with our investment in i

group. Credit Suisse and First Boston have been appointed by i group to

advise them on how to grow the business.”

i group spokesman Tony Yorke says: “We have done £1bn-worth of

business thisyear and RBS are very happy with us.”

Recommended

FSA&#39s own panel is undecided on trees

The FSA&#39s own consumer panel is withholding its backing for decision treesover concerns that advice hasbeen ignored, according to industry sources.The news comes as the FSA admits the decision treeregime may be extendedto other financial products.Industry concerns have been heightened by FSA proposals to allow CitizensAdvice Bureaux staff, librarians and trade union representativesto guidethe public […]

Portman ditches early penalties

Portman Building Society is offering a range of discounted, fixed, cappedand tracker mortgages with no early redemption penalties.The portfolio includes a mortgage featuring a 1.5 per cent discount on thestandard variable rate for two years and capped at 6.99 per cent untilAugust 2002.There is no valuation fee and a maximum loan to valuation of 95 […]

Stakeholder – the target is moving

How would you encouragethe average person to buya stakeholder?JG: A twin thrust of quality promotion, including individual advice whereappropriate, from qualified advisers and improved understanding andawareness of financial requirements at different lifestages will helpconsumers choose from the options available for their financial planning,with stakeholder one of those options.We have already seen a growing recognition, especially […]

The whys that came in from the code

When the FSA replaces all self-regulatory organisations as sole regulatorfor the financial services industry, a single handbook of rules andguidance will replace the 14 rulebooks that currently apply.Part of the new rules is the Code of Business Sourcebook detailed in theFSA&#39s consultation paper 45. This sets out and reinforces good businesspractice for client relationships and […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com