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Sub-prime crisis to hit 1,000 UK jobs

The number of job losses in the UK mortgage market as a result of the US sub-prime crisis is set to top 1,000.

GMAC-RFC cut over 200 jobs last week and a fur- ther 66 as it closed its sub-prime subsidiary High Street Home Loans.

In the last few months, Lehman Brothers announced up to 150 UK job cuts, including the closure of London Mortgage Company and Southern Pacific Personal Loans. Morgan Stanley’s UK subsidiary Advantage made 90 redundancies and Victoria Mortgages closed, affec-ting 50 jobs.

Wave, Infinity Mortgages, Unity Homeloans and Network Data have also confirmed they will cut staff.

Investment banks UBS and Credit Suisse have also announced worldwide cuts. UBS says 1,500 jobs will be axed worldwide while Credit Suisse has confirmed that it will axe 150 jobs in its mortgage-backed securities department.

It is unclear how many of these jobs will be UK-based. If included, this would sky-rocket the number of UK job losses as a result of the sub-prime fallout.


Friends to offer tele-interviews

Friends Provident is to offer tele-interviewing as part of its income protection application process, bringing it in line with other providers, such as Progress by Royal Liver and LV=.Experienced nurses from MorganAsh will conduct Friends’ interviews, asking applicants about their medical history and specific disclosures.Friends Provident protection products and actuarial manager Mark Jones says the […]

Groundhog Day

So just what is a simple product? One of the RDR’s key arguments for the devolution into primary advice is that most lower-paid consumers are so confused by the existing range of products that they refuse to take out savings and pension plans. The FSA believes that the arrival of simpler products will stimulate a demand among these consumers.

Can IFAs work with the Norwich Union proposals on the RDR?

The RDR debate shifts again perhaps seismically. We now have the striking news that Norwich Union has suggested that primary advice is dropped in favour of assisted purchase, that a minimum exam requirement should be the Diploma in Financial Services and that CAR should apply across all advice channels.There would be things in these suggestions […]

Access all areas

As our lifestyles change, conventional annuities may no longer be the right choice for today’s retirees. Advisers must look to with-profits, unit-linked and the third way instead of just looking at who is offering the best rate, says Prudential director of business development, annuities, Aston Goodey


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