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Top duo quit at HML

HML chief executive Brian Brodie and chief commercial and finance officer Neil Warman have quit.

The third-party mortgage servicer, which is owned by Skipton Building Society, has made chief operating officer Andrew Jones interim chief executive until replacements are found. HML declined to comment on the departures of Brodie and Warman. HML made a profit of £64,000 for 2010, down from £3.4m in 2009, due to restructuring costs. Staff levels were cut from 1,966 in 2009 to 1,460 in 2010 and assets under management fell from £47.5bn to £43.5bn.

In December, Money Marketing revealed GMAC-RFC was taking the servicing of its £3.6bn book in house. In January, Nationwide Building Society transferred admin of its combined £2bn mortgage book in house.

In August, Money Marketing revealed that talks between Vertex and Skipton over the acquisition of HML had broken down.

SPF Private Clients managing director Mark Harris says: “Skipton Building Society knows what it is doing and will have an idea of who they want to bring in to replace Brian and Neil. Chief executives and board members come and go but businesses still survive.”


Employment tribunal case puts spotlight on IFA status

Lawyers and advisers say the recent employment tribunal ruling that a self-employed adviser has employed status could have big implications for the market. Last month, a Southampton employment tribunal heard the case of Johnson-Caswell v MJB (Partnership), with Johnson-Caswell, an IFA, bringing complaints for unfair dismissal, unpaid wages and breach of contract after being made […]

FTSE blog: Markets down at close

17.00: The FTSE has closed the day down 0.5 per cent to stand at 5519.04. Biggest fallers in the blue chip index included the likes of Vedanta Resources and Standard Chartered, both of which fell by more than 3 per cent. The falls come despite some optimism that a new prime minister in Italy could […]


MM Leader: FSA faces clarity challenge over restricted advice charges

For the RDR reforms to have a hope of being a success, the regulator must ensure its new charging rules are implemented effectively for independent and restricted advice. The FSA has been clear that, for both independent and restricted advice, no payments can be made from provider to adviser relating to product distribution. The only […]

Artificial light

The tax strategy to follow when a big part encashment has been made from an investment bond

Solving the income puzzle

There is a puzzle at the centre of financial markets. The global economy is growing, there are signs of inflation and interest rates are going up, yet yields remain low. In this article, James Foster, manager of the Artemis Monthly Distribution fund, unpicks this conundrum and looks at where investors can find income. There is […]


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