View more on these topics

Seventy staff to be axed as Britannic restructures

Britannic Money is to cut around 70 staff as part of a restructuring of its business which it claims follows imp-rovements in technology.

It claims the move will be a strategic step which will place greater focus on its intermediary business next year.

Internal research shows that over last month 50 per cent of its agreements in principle have been executed online and that this greater efficiency has triggered the need to restructure.

Britannic Money argues the cuts will help it reduce its cost base significantly, which it hopes will enable it to offer IFAs more competitively priced products in 2002.

Chief executive Tony Ward says that by concentrating on its core business, Britannic will be equipped to hold market position in 2002, which he anticipates will be an even tougher time for lenders than recent years.

The lender says it will continue to specialise in flexible and innovative mortgages and the job losses illustrate its commitment to the intermediary channel at a time when the sector faces its biggest challenge as regulation, included in consultation paper 98 which puts increased responsibility on to lenders, is introduced.

The consultation to determine where the 70 job cuts will be made will last a minimum of 30 days.

Ward says: “This step uses our innovative developments in technology to deliver pro-cess efficiencies and remain focused on our strengths of product development and selling mortgages via intermediaries.”


Torquil Clark produces guide to pension charges

Torquil Clark has produced an investors guide to pension charges covering the main types of charges used by pension companies and guidance on how to get the most out of your pension plan. The IFA says over the last 15 years, the difference between the best and the worst fund performance including charges was a […]

Pink Home Loans – The Chameleon Mortgage 85 Per Cent

Monday, November 5, 2001.Type: Tracker mortgage.Tracker term: Term of loan.Tracker rate: Bank of England base rate plus 4.75 per cent.Minimum loan: £25,001.Maximum loan: Up to 85 per cent of valuation subject to a maximumof £500,000.Income multiples: 3.5 times principal income plus second or threetimes joint.Arrangement fee: £395.Redemption fee: 6 per cent of amount repaid in […]

Arrogant actuaries have lost the way for with-profits

Terence O&#39Halloran is certainly keen on his insurance (Money Marketing, October 25). He has lambasted Roger Harris and has allowed his heart to rule his head.With-profits endowments for savings are inappropriate in the majority of circumstances. They are tax-inefficient, inflexible and very expensive.Individuals have far more flexible and cost-effective arrangements available – as well as […]

L&G adds Dresdner funds to its panel

Legal & General has added Dresdner RCM Global Inv-estors to its panel of external pension fund managers, add-ing two fund choices from its range.The Dresdner RCM exe-mpt global and UK equity funds will be available alongside L&G&#39s existing panel members Newton, Deutsche Asset Management, JP Mor-gan Fleming and SG Asset Management.L&G says the exempt glo-bal […]

Global income: preparing for a rate rise…

In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]


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