View more on these topics

Brokers launch first finance CIC

Two former John Charcol brokers have launched Quotes4Charity CIC, the first financial services’ Community Interest Company.

CICs are limited companies created for the use of people who want to use the profits of a business or other activity for community benefit, and not purely for private advantage.

This is achieved by a ‘community interest test’ and ‘asset lock’, which ensures that the CIC is established for community purposes and the assets and profits are dedicated to these purposes.

Former John Charcol colleagues John Mulkerrin and Kevin Macadam, along with fellow director Geraldine Mulkerrin, hope to broker mortgages, life cover and insurance products for charity.

Macadam expects payments to charity for an average mortgage of £100,000 to be around £100, which means the list of charities looking to engage in partnership with the firm will be large.

Macadam says: “We have a completely new proposition for clients to consider, and an exciting pipeline of products to roll out.

“With 57% of the adult population donating regularly to charity, and a whole of market mortgage service, I’m confident we’ll attract a favourable response.

“Our model allows us to build a first class range of products and services, and deliver what should develop into substantial amounts of much needed income for charities.

“We have started talking to brokers about working with us, and the combination of a market competitive package and directly generating large sums for charity could prove attractive to many in financial services.”

John Hanlon, the government appointed CIC regulator, and himself a previous mortgage regulator for the MCCB, adds: “CICs give an opportunity to people in the community to trade for the community’s benefit.

“The asset lock that CICS have gives public reassurance that all money generated, or donated will be used for community benefit, and the reporting requirements will show the public at large just what has been achieved by the money generated during the year.”

Recommended

Leeds looks to expand mortgage business

Leeds says the feedback from brokers following its launch to the Irish market has prompted it to expand its mortgage propositionLeeds entered the Irish market in September last year, following its Euro mortgage launch on the Spanish mainland in October 2005. Kim Rebecchi, general manager of sales at Leeds, says: “We are absolutely delighted with […]

FSS launches free registration

Free registration has begun for the Financial Services Scotland 2007 event, which expects to attract more than 1,000 visitors.The event in Glasgow on March 8 is exhibition and seminar event for professional financial advisers.New for 2007 is the international property investment pavilion. With one in 50 of the UK population now owning a property overseas, […]

NAEA reports buoyant festive period

Estate agents saw average house prices in December rise to 216,055, revealing an unusually buoyant market during the festive period, says the National Association of Estate Agents. The number of buyers on estate agents books increased to 351 during December 2006. This 16% increase was unusual for the time of year, as estate agents would […]

Commercial First appoints associate director

Commercial First has appointed Nick McAuliffe as associate director of customer operations. Reporting to Philip George, managing director of Commercial First, McAuliffe is responsible for leading the team that looks after borrowers from the time their mortgage completes, throughout their time as a Commercial First customer. This includes all customer servicing, further advances and also […]

India budget: BJP focuses on growth

By Kunal Desai, Head of Indian Equities

With markets kept open on Saturday, finance minister Arun Jaitley delivered a promising budget focused on growth and decentralisation. While many complained about a six-day working week, there was much to be pleased about and the markets rallied in the afternoon to finish in the green.