The Professional Mortgage Packagers Alliance is believed to be launching a lender called Unity at the end of October.The launch date is rumoured to have been set as October 31 – exactly a year after the Financial Services Authority began to regulate the mortgage industry. Only four members of PMPA are thought to be involved in the project at present – All Types of Mortgages, BDS Mortgage Group, Complete Mortgage & Loan Services and Amity Mortgages. Unity is rumoured to be headed by Tony Ward, former managing director of Britannic Money before it was taken over by Paragon Mortgages and rebranded as Mortgage Trust, although Ward denies involvement in the project. It is also thought that Unity will call upon the experience of Ravi Takhar who currently works at lender Infinity and was formerly chairman of Mortgages PLC. Jon O’Brien, operations director at PMPA, says: “We have established an entity and we are evaluating options based on what we said in March this year. We haven’t finalised anything at all and the name Unity is only a project name. That’s as much I can say at the moment.” O’Brien also declined to comment on whether either Ward or Takhar had been appointed to Unity. Bill Warren, director of compliance of Complete Mortgage & Loan Services, says: “PMPA launching a lender is something that has been discussed for a long while.” PMPA revealed in February that it was in discussions with providers about the possibility of becoming a lender in its own right. The move was mooted with the intention of enhancing PMPA’s range of services to intermediaries. O’Brien said at the time: “It is apparent that there are funders with an appetite to secure distribution in specific areas of the market, most notably in the sub-prime area.”
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Alan Johnson MP, Labour’s secretary of state for trade and industry, speaking at the Labour Party Conference in Brighton today, said: “No government has done more to empower consumers. Confident consumers stimulate competition and force companies to improve their service.“Nothing disempowers people like excessive debt. We will provide 45million for face-to-face advice for the most […]
The Finance Centre has promoted Jayne Emery to head of field sales. Emery, who has been with TFC for three years, had previously been regional sales manager and brings nearly 15 years of experience to her new role.Her core responsibilities will include control of the national sales team and their personal and professional development.Andy Brown, […]
Clive Briault, managing director of the Financial Services Authority has outlined the challenges facing retail firms during his first speech in Northern Ireland.Addressing financial advisers and mortgage intermediaries at the AIFA & AMI Regional Conference in Belfast, Briault spelled out the FSA’s primary objectives for the retail distribution system, which centre on the quality of […]
Scottish Provident has adjusted premium rates on its death or earlier critical illness benefit, effective from September 26 2005, with the majority of rates decreasing and a small number increasing. Ricky Okey, director of Abbey Mortgage and Protection says: “This reprice demonstrates our commitment to offering people a great deal on their policies and reinforces […]
By Ali Unwin, head of technology sector research
Apple recently announced the highest-ever recorded quarterly net profit ($18bn), with the sale of 74.4 million iPhones helping the company deliver $74.6bn of revenue for the quarter ending December 2014. These sales were largely driven by strong demand for the new iPhone 6 and iPhone 6 Plus. Highlights included Chinese iPhone sales doubling year-on-year and unit growth of 44% in the US — supposedly a well-penetrated market. Apple ended the quarter with $178bn in cash on its balance sheet, having generated a staggering $30bn in free cash flow during the quarter.
At Neptune, we have been long-term believers in the Apple story, and continue to hold the stock in a number of our portfolios based on the company’s long-term growth prospects. This is predicated on our belief that Apple has proved thus far that it can — unusually for a consumer electronics company — maintain high margins for a sustained period of time, even as adoption of new technology slows down and competitors produce similar-specification products.
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