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Movers and Shakers

Stockton takes top mortgage job at Lloyds Banking Group

Nigel Stockton has been named sales director of mortgages at Lloyds Banking Group.

Stockton was previously managing director of HBOS Intermediaries but he now has control of all intermediary mortgage brands at the group.

He joined HBOS’ corporate partnerships division in 2003 and moved to Halifax Intermediaries a year later. After this he became managing director of Birmingham Midshires where his role was expanded to include now-defunct brand The Mortgage Business as well as Halifax, Bank of Scotland and Intelligent Finance.

Before joining HBOS Stockton was business development director at financial website and circulation and content director at the Financial Times.

Ex-Cobalt staffers form new London brokerage

As lenders continue to feel the cold wind of the credit crunch, March saw London brokers also face an icy blast as Cobalt Capital came to an end.

Julian Ingall, director at Cobalt, said market conditions and internal politics had taken their toll on the firm.

But no sooner had Cobalt fallen than partner Andrew Montlake and a crack team of ex-staff from the defunct brokerage joined forces to launch London-based Coreco Group.

The firm will be an appointed representative of Mortgage Advice Bureau and ex-Cobalt staffers on board include Montlake, Matthew Lowndes, Francois Taljaard, Rob Henderson, Roy Hardy and Rob Gill, who all held senior positions at the old firm.

As well as its core mortgage proposition, the group will diversify into areas including wealth management led by Gill, and commercial property under the stewardship of Xavier Bouhayed and Henderson.

Montlake, communications director at Coreco, said: “As the working environment at Cobalt became increasingly strained myself and a handful of colleagues came to feel that between us we had the necessary skills and standing in the industry to set up our own brokerage based on foundations of trust, equality, loyalty and integrity.

“We are fortunate to have been joined by some of the top Cobalt consultants who made up the core of the firm and will be looking to add to this team.”

He added: “We will offer the best independent mortgage and financial advice and unrivalled service. We are excited about the challenge of launching and growing a brand.”

Professor David Miles poised to join MPC

It’s all change at the Monetary Policy Committee, with Professor David Miles set to take over from longstanding member David Blanchflower as an external member. Chancellor Alistair Darling announced the appointment recently, with Professor Miles due to take up his position on June 1.

Professor Miles has been chief economist at Morgan Stanley since September 2004 and is also a visiting professor at Imperial College, London. He is widely known for his in-depth review of the mortgage market entitled The UK Mortgage Market: Taking the longer term view, which was published at the time of the Budget in 2004.

Darling said: “I am delighted that Professor Miles has agreed to join the MPC. His considerable experience in analysing the interaction between financial markets and the economy will be extremely valuable to the committee.”

In a separate development, Tim Besley has decided not to seek reappointment to the MPC when his term expires on August 31. He has chosen instead to focus on his academic career.

McQueen to oversee Nationwide’s mortgages

Andy McQueen has been made divisional director for mortgages and savings at Nationwide, a job that will see him oversee the creation and marketing of the society’s mortgages.

McQueen was previously divisional director of specialist lending, covering both The Mortgage Works and Nationwide’s now-defunct UCB Home Loans brand and replaces Matthew Carter in the role.

McQueen said: “The current mortgage market is certainly challenging but it is dynamic, and this is an exciting time to be taking on this role.”

White forms surveying and valuations firm

Simon White, formerly a director at now-defunct surveyor Ashdown Lyons, has launched a new venture called London’s Chartered Surveyors and Valuers.

Based in Mayfair’s exclusive Pall Mall, White says his firm will look to service the same customer base of niche banks that he worked with at Ashdown Lyons Mayfair.

Ray Clune, formerly senior surveyor at Ashdown Lyons Mayfair, joins White as a director at the new firm.

White said: “The Mayfair branch of the old company was successful because the bulk of its client base consisted of niche banks.

“Our intention is to continue servicing the niche banks that are still active in the financial marketplace. We are hoping that our venture will be a success and are looking to past business partners for their support.”

Yorkshire spokesman retires after 32 years with the mutual

Yorkshire Building Society spokesman David Holmes has retired in order to spend more time with his family. He had been with the society for a total of 32 years.

Holmes said: “If there’s one thing I hope I’ve left behind me as a feature at the Yorkshire it’s the willingness to ask if everything we do has a benefit for savers or borrowers.”

Holmes started his career at the lender by working in its branches and worked his way up through the ranks. Most of his career was spent in the field of PR.


Why politicians confuse citizens with consumers

If you have ever wondered why politicians tend to refer to us ordinary folk as consumers rather than citizens you’ll find the answer in the UK edition of Robert Reich’s book Supercapitalism: the Battle of Democracy in an Age of Big Business.


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