View more on these topics

Prestbury was down to its last £40,000 prior to PTFS deal

Prestbury Financial has revealed it had only £40,000 in cash assets before agreeing to transfer its appointed representatives to Personal Touch Financial Services.

Insolvency advice led Prestbury directors to conclude that the network could not continue to trade in its current form.

Prestbury has signed a deal to transfer its ARs to PTFS but some of them are concerned they will not be paid if they choose not to.

One AR says: “Our owed commissions are being used as inducements to join PTFS. If we decide not to do what the firm has agreed to, what contingencies does Prestbury have in place to deal with monies owed?”

Lee Birkett, chief executive of Prestbury Financial and owner of Prest- bury Investment Management, and Kevin Sample, sales director of Prestbury Financial, have been appointed non-executive directors of PTFS.

They will head up a national sales centre known as PTFS-Prestbury. The deal stipulates that all ARs must use PIM as a packager for the first year.

In a letter to ARs sent last week Birkett says: “PTFS will fast-track all Prestbury accounts by agreeing to rely on the Prestbury referencing process.”


Brokers income to drop by 40% predicts AMI

Income for brokers will be 30-40% below 2007 levels, says the Association of Mortgage Intermediaries in its research paper into the credit markets one year on from the credit crunch.

Fionnuala Earley to speak at MI conference

Mortgage Intelligence has announced the line-up for its Annual Conference on October 8 at Celtic Manor.Nationwide, chief economist Fionnuala Earley will provide the keynote speech, looking at the current economic climate and future market predictions. Earley joins a host of keynote speakers including Nigel Payne, managing director BMSolutions/TMB and Sally Laker, managing director of Mortgage […]

Lloyds TSB has got the deal of the century

Lloyds TSB, which is sponsoring the London Olympics to the tune of 80m, is set to take over HBOS, the UK’s largest mortgage lender, for 12.2bn and the move has been spun by all those involved as a rescue.

GEMHL to close Wolverhampton facility

GE Money Home Lending is set to close its office in Wolverhampton as a result of the current volatility in the market.


News and expert analysis straight to your inbox

Sign up