View more on these topics

West Brom could become independent broker

West Bromwich Building Society is believed to be following in the footsteps of Bradford & Bingley by becoming an independent mortgage broker offering advice through its branches.

Industry sources claim West Brom is gearing up to massively extend the seven-strong lending panel it established in March to bolster its income as profit margins become increasingly tight in the mortgage market.

The move – which West Brom denies – would create the first rival to Bradford & Bingley&#39s The Marketplace, but, unlike the bank, West Brom is not believed to be whittling down its own product range to focus on the retail market.

The sources claim the policy shift has been inspired by the success of the society&#39s existing lending panel, which was initially created to offer borrowers an alternative to its mortgage range.

Nationwide and Woolwich are among the lenders already signed up but now the panel could mushroom to include dozens more, which West Brom hopes will attract borrowers normally inclined to go to an IFA or mortgage broker for advice.

Bradford & Bingley mortgage technical manager David Bitner says: “It would not surprise me. West Brom has been favourite to go down this road because its panel has already gone some way to laying the groundwork. However, as it has relatively limited distribution, we are not too concerned about a move in this direction.”

West Brom general manager marketing David John-ston says: “We have a pilot scheme at the moment for borrowers which do not fit our lending criteria but we have no plans to go further.”

Recommended

Bristol Contrib Welfare appoints 2 marketing chiefs

Bristol Contributory Welfare Association Healthcare has made two senior level appointments in its marketing department.Howard Hughes joins as sales and marketing manager after 15 years with Bupa where he was marketing and development manager for dental cover.Andrea Bridgeman is going to BCWA to take charge of day to day marketing activity from Clerical Medical International […]

IFA fined for pensions review failings

The PIA has fined IFA EIC Investment Services Limited of Marchmont House, 83-85 Marlowes, Hemel Hempstead, Hertfordshire £10,000 for pensions review failings. The firm has also been ordered to pay the regulator&#39s costs of £2,126. A visit by the PIA in May 1999 identified a series of regulatory failings including not completing corrective action promptly, […]

New marketing man at Birmingham Midshires

Birmingham Midshires has appointed Tim Hague as its head of savings and investments marketing.It is the first appointment to such a role by the firm.Hague, 37, was previously senior marketing manager (mortgages) at Alliance & Leicester and prior to that he held marketing posts at West Bromwich and Derbyshire building societies.Hague says: “A key part […]

ABI rejects call for external actuaries

The ABI is calling for an external review of appointed actuaries&#39 recommendations about with-profits funds, saying this would improve clarity about the way funds are operated.However, in its submission to the FSA&#39s consultation on with-profits funds, the ABI rejects calls to force life offices to use external actuaries to set bonus rates or to have […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment