The news has created concern as to whether the group would be creating a conflict of interest by having both a network and a lender in the group.Bob Golden, a director of Close Brothers and chairman of Mortgage Intelligence, is believed to have been given the task of setting up the lender. Sally Laker, managing director of Mortgage Intelligence, says this is one option Close Brothers is considering. But she stresses this would be separate from Mortgage Intelligence. Laker says: “The company has taken a look at what is out there and setting up a lender is one option but nothing has been decided yet. If a decision were to be made it would be in the first quarter of next year. However, the business would be separate from Mortgage Intelligence.” Bob Golden, director of Close Brothers, says: “We regularly conduct strategic research into various types of business. We have conducted a strategic review of the mortgage market. Setting up as a lender is an option but we have not made a decision. That won’t come until the first quarter of 2006. “We do this all of the time in other markets and institutions, so it really is nothing out of the ordinary.” However, one industry source says: “If it were setting up a lender the Financial Services Authority would take a dim view of the companies working in collusion.” Dev Malle, head of operations at Pink Home Loans says though it would not be a first in the market for a company to have both a lender and a packager, it could raise concerns. Malle says: “If it does set up a lender it would not be the first time that a company has had two successful operations. Manchester has both a lender and a network so it wouldn’t be unique.” Robin Gordon-Walker, spokesman for the FSA, says that as long as the two companies act as separate entities and follow the FSA rules there should not be any problems. He says: “Any lender or broker, regardless of who owns it, must act as a separate entity and follow the FSA rules.”
- Top trends
Research carried out by Propertyfinder.com provides evidence that the number of homes being bought and sold will grow strongly in the new year.
National property services network, movewithus, has been recognised as one of the fastest growing companies in the UK by the annual The Sunday Times Virgin Atlantic Fast Track 100 survey.The annual league table ranks the UKs top 100 unquoted companies with the fastest-growing sales, and tracks the top performing private companies and entrepreneurs. movewithus, which […]
Principality has relaunched its mortgage range.Its two-year fixed rate mortgage at 4.49% with up to 75% LTV or 4.59% with up to 95% LTV offers free legal fees for remortgages. Alternatively, the fee saver products include a three-year fixed rate mortgage at 5.09% and, as the name suggests, there are no up front administration fees, […]
Brokers have expressed concern that Financial Services Authority plans for a principle-based approach to regulation could leave firms and consumers confused.
Two years since the process of auto-enrolment began, the looming re-enrolment deadline provides the perfect opportunity to assess whether the support you have in place, which may well have been hastily selected at the start, is fit for purpose. Johnson Fleming is holding a webinar on 10 September at 11:00 to discover the key issues and concerns you should consider when thinking about your current support options.
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