In a letter sent to agents dated November 30, MGM writes: “Many of you will have received a letter from BDS confirming its mortgage proposition and quoting inaccurate and misleading information regarding the new MGM proposition. As a result of this breach of its service agreement with MGM, BDS has been terminated with immediate effect as a business partner.”Phil Jay, managing director of BDS, says the firm approached some of the culled agents but only to discuss their future. He also says BDS tried to ask permission from MGM for this but got no response. He adds: “MGM is like Terminator – first its ARs and now us.” Alan O’Neil, head of marketing at MGM, says: “BDS invited all our agents to join its network which is in breach of its contract. We had no choice but to end our working relationship.” Mortgage Intelligence, another business partner of MGM, has also been accused of trying to solicit advisers away onto its own network. But Sally Laker, managing director of MI, says: “Members that joined our network approached us directly.”
- Top trends
The UK chancellor will present his Pre-Budget Report on Monday December 5 at 15.30. Merrill Lynch says it is expecting a mildly contradictory to neutral package along with higher borrowing numbers and lower gross domestic product forecasts.UK fiscal policy has been highly expansionary in recent years, resulting in a move from large budget surpluses in […]
In the pre-Budget Report the chancellor announced further details on plans to give dormant account monies to good causes. These proposals were first mooted in the 2004 budget and since then the industry has held constructive discussions with the Treasury on a number of complex issues. Adrian Coles, director-general of the Building Societies Association, says: […]
Callcredit is updating its databases with 2005 electoral roll information and expects to have completedthe process by the end of January.
BM Solutions today launches a range of self-cert products. The range offers a variety of deals, including competitive rates, cash backs and remortgage products. It includes a two year tracker at 5.09%, a five year tracker at 5.09% and 1,000 cashback, and a remortgage at 5.35% fixed until March 1 2007 with refunded valuation and […]
Call us old fashioned, but we want to get to know you personally. That’s why we give you a named case manager and underwriter to look after all your cases from start to finish. Your underwriter will happily give you their number, so you can ring them directly with any questions you have. And your […]
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