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Prestbury completes 933m of mortgages

Prestbury Holdings has released a trading update ahead of its final results announcement, due during the week commencing February 2006, which reveals it completed 933m of mortgages for 2004/05.

The update from the mortgage and general insurance network also shows a 58% increase in turnover to 8.2m, from .5.3m in 2004, and 124 appointed representative firms exclusively contracted.

Lee Birkett, chief executive officer, says: “We are delighted to announce that we expect to meet market expectations, this following what has been the most challenging trading environment I have known since entering the financial services industry back in 1990. The first year of regulation has not run smoothly, but against a market trend and successfully completing a corporate restructure of Prestbury, the company has been able to increase its market share and Prestbury are well positioned for growth in 2006.

“Prestbury has been able to improve its results by concentrating on the performance of its ARs. Prestbury’s number of active ARs has remained constant since half year, this is a result of terminating our relationships with a number of low performing advisers and replacing these with performing advisers.

“It is my target that each AR firm should generate 100,000 of income per year and I can confirm our current number of AR firms are writing this current level of business. It is my focus now to increase the number of performing ARs and retaining our current performing firms. This plan if realised will prove to be earnings enhancing during the next 12 months”


BM Solutions rumoured to be joining Trigold ENC

BM Solutions is rumoured to be joining Trigold’s specialist sub-prime electronic non-conforming platform.If true, the announcement would represent a dramatic turn around for the HBOS subsidiary. As part of Trigold ENC is heavily backed by Abbey, whereas HBOS is one of the primary backers of arch rival Mortgage Brain.BM Solutions caused controversy when ENC was […]

Be more single premium-minded

With the protection sector under the watchdog’s microscope, brokers should consider the benefits of offering certain clients the option of single premium PPI, says Robert Owen

Equity release challenge

Economic Lifestyle is challenging other equity release providers to improve their products as it launches its cash release plan, a portable and flexible reversion scheme. It says poor sales of reversion plans compared with lifetime mortgages are partly due to the inflexibility of products.

Jelf flexible benefits

In Focus: How to choose a flexible benefits provider — seven top tips

Jelf Employee Benefits looks at some of the key considerations employers should think about when reviewing and choosing a flexible benefits provider. Choosing the right benefits for your employees is one thing but delivering a successful employee benefits strategy is about understanding the complete picture and delivering it in a personalised way so that it resonates with each and every individual in your business. 


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