View more on these topics

Standard defends fall in loan market share

Standard Life Bank is hitting back at criticism that its share of the mort

gage market has slumped during a time of staff upheaval.

Standard Life took a 17 per cent share of the mortgage market last spring

but the bank&#39s share now stands at 9 per cent.

The fall comes just months after former managing director Jim Spowart left

to start up Halifax&#39s rival internet bank Intelligent Finance.

Since Spowart&#39s departure, about 70 Standard Life Bank staff have left to

join him.

But Standard says its market share over the entire year was 11 per cent

and the 17 per cent lasted for just one month.

It blames the fall on the increased competition in the flexible mortgage

market and the general drop in people remortgaging.

Managing director Neil Ross says: “A year ago, there was only three

flexible mortgage products on the market but now there are about 30.

“Competition is hotting up. But 9 per cent mar ket share is not bad for a

business going barely a year and that is now almost entirely new lending. I

would like to see it above 10 per cent.”

Recommended

Revealing the top performers

A number of possible developments relating to investment performance couldhave an impact on the operation of stakeholder pensions and they do notappear to be complementary. In fact, they are difficult to reconcile.The first is the FSA&#39s consultation paper 28, Comparative Information forFinancial Services, in which the FSA proposes that league tables showingpast investment perfor- mance […]

Standard PMI push bolts on investment

Standard Life Healthcare, formerly Prime Health, is launching a newprivate medical insurance product with an invest- ment bolt-on aimed atattracting IFAs hit by the low margins of stakeholder pensions.The company says its Choices PMI product will allow IFAs to help clientsto build their investment portfolios or introduce investment customers toPMI.The new offering provides an optional […]

ScotProv admits mutual status is being reviewed

Scottish Provident has rejected calls by carpetbaggers for anextraordinary general meeting to decide on its future mutual status.But the life office has admitted that it is carrying out its own reviewinto its status.Rejecting a letter from carpetbaggers demanding an EGM, the board says itsstatus is already under review and an EGM is not appropriate.The board […]

In good time

How do you clock up your 50 hours of continuing professional developmenteach year? Is attending conferences an enjoyable way to make up the hours?Or is sitting back and reading the trade press a good way of keeping up todate with the industry?CPD requirements are set to change later this year with the introductionof new rules. […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment