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Money Partners mulls redundancies

Money Partners staff are at risk of redundancy as the lender strives to realign the business with the current market conditions.

Mortgage Strategy can exclusively reveal that staff at Money Partners, which was acquired by Goldman Sachs from Kensington Group in January, were told yesterday that a number of jobs will be put under review in the next few days.

Bob Sturges, director of communications at Money Partners, says the lender has not yet decided how many jobs will be axed, or from which departments.

He adds: “The cause of this decision is market conditions, pure and simple.”


Friends Provident pre-tax profit dives 97%

Friends Provident, the ailing UK insurer, has revealed a pre-tax profit of £16m for 2007 – a whopping 97% down on 2006. Profit declined from £509m in 2006 on a European Embedded Value basis. Under EEV, an insurance company’s current worth is calculated according to future assumptions about certain rates, including mortality and investment performance, […]

UK growth forecast lowered

Chancellor Alistair Darling opened the 2008 Budget proclaiming that the economy is stable as a result of strong fundamentals and high consumer confidence. Nevertheless, he reduced the UK’s growth forecast to between 1.75% and 2.25% from the 2% to 2.25% he predicted in October’s pre-Budget report.

HIPs hinder residential sales, says Hamptons International

Home Information Packs are discouraging homeowners from putting their properties up for sale, says Hamptons International.The estate agency claims that HIPs are not enhancing the UK sales market or meeting the original objectives of speeding the buying process and stopping gazumping.It points to market figures that span from the introduction of HIPs in August 2007 […]

Financial fraud doubles in three years

Research by Credit Industry Fraud Avoidance shows that the number of fraud applications approved in the UK has more than doubled.


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