View more on these topics

Talk buy to boost Bureau

Mortgage Advice Bureau chief executive Peter Brodnicki says the acquisition of Mortgage Talk will allow the brokerage to boost its share of the newbuild market.

MAB bought Mortgage Talk this week in exchange for shares in the MAB Group. MT chairman Peter Birch will join the MAB board as the second-biggest shareholder while Brodnicki will continue to run the company and will keep the majority stake in the MAB Group.

MT, which Brodnicki estimates gets around a third of its business from the newbuild sector, will no longer be a standalone firm.

The combined group will have over 500 advisers and expects to process over £4.5bn of mortgage applications this year.

Last week, MAB reported 52 per cent rise in profit for last year to £1.9m from £1.25m in 2010.

Brodnicki says: “In the newbuild sector, the developers only work with a very selective number of brokers and Mortgage Talk is probably the best
newbuild broker in the market. We are going to expand quite significantly.”

Recommended

1

Stamp duty avoiders have ‘had their warning’, says Osborne

Chancellor George Osborne has confirmed he will close a stamp duty loophole in Wednesday’s Budget, promising heavy fines for non-compliance. Speaking on The Andrew Show, Osborne said the Government will “come down like a ton of bricks” on the practice. The Treasury will ensure any property that is lived in, either by the owner or […]

devey

Pru and Aviva split on simplified advice

Prudential and Aviva have clashed over the importance of simplified advice ahead of the RDR. Prudential UK chief executive Rob Devey says simplified advice is needed to allow providers and advisers to serve the mass market. He says: “I do not know how we will serve the mass market without some clarity on simplified advice. […]

Regulatory haze

The 1960s and 1970s saw some strange music album covers, possibly triggered by certain substances or experiences. Some covers, such as Jimi Hendrix’s Electric Ladyland, were often not openly displayed in the more conservative shops. Which brings me to the recent pronouncement by the FSA on consultancy-charging. If you recall, adviser-charging did not suit the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment