View more on these topics

Britannia dismisses Nationwide takeover rumours

Britannia is dismissing industry rumours that Nationwide is looking at taking over the rival mutual.

Sources tell Mortgage Strategy a deal was being discussed between the UK’s biggest building society, Nationwide, and number two, Britannia, which owns intermediary lender, Platform.

Britannia spokesman David Ginivan says: “There is no substance in the rumour about us and Nationwide.I can confirm there is no truth in it.”

Part of the reason sources say Britannia may have been open to a take-over was the effect of a requirement which was expected to be brought in under the International Accountancy Standards on January 1.

This would have limited the amount of securitised assets mutuals could have on their balance sheets. It was feared Platform’s securitised assets may have put Britannia over its limit.

But this week a statutory instrument is due to go before parliament which will remove this issue as a result of lobbying from the mutual sector.

The Building Societies Association says the Treasury recognised IAS would have had an impact on mutuals’ ‘nature limits’, but legislation changes will maintain the current treatment of securitisation. This is despite the IAS rules still being introduced in January.

Ginivan adds: “The potential issue with IAS for mutuals is now being resolved – that is what we lobbied for.”

Nationwide says it never comments on market speculation.


Genesis appoints insurance manager

Genesis has appointed Keith Longthorne as insurance manager. His remit is to develop the general insurance offering that Genesis provides to its franchises, licences and appointed representatives. Longthorne has over 30 years experience within the insurance industry working for both insurers and networks. Prior to joining Genesis, he worked as director of insurer relations at […]

Lifetime mortgages up 11% on 2003

Lifetime mortgages totalling 348m were advanced in the third quarter of 2004 according to an equity release survey conducted by the Council of Mortgage Lenders. Almost 7,500 were advanced, representing an 11% increase on the same period in 2003.At the end of the third quarter of 2004, the total number of lifetime mortgages outstanding had […]

Warning on online cover sales

IFA Master Adviser is warning brokers not to cut corners when selling life and critical illness cover or face the consequences.


News and expert analysis straight to your inbox

Sign up