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Millfield sold to The Money Portal for 10.6m

Struggling IFA group Millfield has been sold to financial services group The Money Portal for 10.6m.

At least 3.4m of this is payable over the 12 months following completion, dependent upon certain performance milestones having been met.

The directors of Millfield have announced that binding heads of agreement have been exchanged under which an option will be granted entitling the company to require the Money Portal to purchase the assets of MPL and the issued share capital of Sage Financial Services Limited.

It’s anticipated that administrators of Millfield and a number of its subsidiaries will be appointed tomorrow. Completion of the sale will require approval by the Financial Services Authority.


Brokers back packagers

Brokers and IFAs think packagers still play an im- portant role in the mort- gage industry, according to research from Platform. A poll of over 200 mortgage brokers and IFAs found that 62% would submit the same amount of business or more to packagers over the next 12 months. The research shows that packagers remain […]

Networks’ IT must benefit ARs too

Networks must invest in technology that helps their appointed representatives develop their businesses and exploit fresh market opportunities, says Richard Coulson

Credit card firms refuse applicants who are likely to clear debt

Credit card borrowers with flawless borrowing histories are increasingly likely to be turned down when applying for new plastic, research from has revealed.Mounting evidence from users of the online data analyst points to card companies giving preference to more profitable applicants who are less likely to clear their monthly balances. Analysis of the credit […]

Halifax returns to Spicerhaart panel

Estate agency Spicerhaart has reinstated Halifax on its mortgage panel and is ditching its single-tie agreement with Legal & General to become multi-tied. All five HBOS brands were removed from the panel more than a year ago following disagreements over the direction in which the companies were headed. Peter Gladdy, director of Mortgages Direct, the […]


Pension over-taxing

800,000 people are at risk of being over-taxed on their pensions, writes Steve Webb, director of policy at Royal London Hundreds of thousands of people receiving company and personal pensions should check their tax code to make sure that they are not being over-taxed, according to a leading pensions firm. Mutual insurer Royal London has […]


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