View more on these topics

Winterthur new loan firm set to shake up &#39cosy club&#39 of lenders

Winterthur is setting up a new company to shake up what it sees as the

“cosy club” of high-street lenders.

The new player, Promise, is also aiming to sideline brokers, who it claims

are often perceived as adding costs but not benefiting customers.

Winterthur-owned Promise will sell mortgages over the phone and internet

and plans to offer no frills mortgages starting with its base rate tracker

product launched this week. The company gets its lending power from Royal

Bank of Scotland and the Woolwich.

Promise says it is aiming to pioneer a fresh and honest approach to

mortgages, with no redemption penalties and no post-completion fees.

The company is offering mortgages and remortgages to people who have a 25

per cent deposit or equity in their homes.

Director of operations Kieran Hedigan believes any fees which brokers

receive for selling mortgages undermines the independence of advice and

says Promise&#39s emphasis will be on “ethical lending and a what you see is wh

at you get approach”.

He says: “New entrants such as Standard and Egg have changed the face of

lending forever by shaking up the cosy club of mainstream lenders. We hope

to do the same.”


Critical market for IFAs

IFA sales of critical-illness cover rose by 22.5 per cent last year,according to Swiss Re Life & Health&#39s Health Watch featured exclusively inthe Money Marketing Focus Healthcare survey published this week.Overall critical-illness insurance sales rose to 90,584 from 88,171 in 1998.The survey also deals with uncertainty in the long-term care market andthe potential of healthcare […]

HSBC&#39s capital idea to safeguard retirement

HSBC has joined the small number of companies offering a capital-protectedIsa. HSBC is aimed at the risk-averse investor who is lookingtowards retirement.It invests in a portfolio of 20 technology companies, including Microsoft,Siemens, Yahoo and Toshiba. Investors&#39 capital is protected with aguarantee that, even if the shares of all the companies fall below theirstarting level, […]

Palmtop rhapsody

Technology offers opportunities to spend more time developing mutuallyprofitable client relationships. A financial adviser&#39s briefcase used to beweighed down with paper – notebook, diary and address book. Today, thatbriefcase is more likely to contain communications technology equipmentthat can handle most issues on the spot.But what is a financial adviser looking to achieve from communicationstechnology apart […]

Baggies get a bonus ball worth 150,000

Baggies fan Lynn Marshall is pictured with West Bromwich Albion hotshotstriker Bob Taylor showing off the bonus figure paid by West BromwichAlbion Building Society through the fans&#39 special savings account which hasnetted the side 150,000.The cash injection comes from the society&#39s Albion Premier Saver accountand it takes the total up to 620,000.The club says the […]

Treasury looks to address advice gap

By Jamie Clark, Business Development Manager, Royal London Hot on the heels of consultations on tax relief and pension transfers and early-exit charges comes a new investigation into the advice gap, and how this can be bridged. Ever since the new pensions freedoms were introduced, concerns have been raised about how people can get access […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm