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TMC to move into financial services

The Money Centre is planning to relaunch in April and offer a range of financial services for landlords.

Lloyds Banking Group stopped accepting mortgage applications from TMC last December and the brokerage was forced to make its staff redundant.

Instead of offering buy-to-let broking TMC will offer financial advice, estate planning, finance and insurance broking, and property management solutions.

Mark Alexander, chief executive officer of TMC, says the company has been working on this move for two years but fast-tracked its plans after Lloyds group stopped accepting applications.

He says: “Lloyds’ decision was the biggest setback we encountered but it could also lead to our biggest opportunity.”

Alexander adds that when the securitisation market started to collapse in August 2007 TMC’s ability to sustain high business levels and profit growth of more than 60% a year disappeared so it decided to diversify.

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Where there’s a will there’s a way

It is interesting to see how many traditional mortgage brokers are still looking at diversifying and finally increasing the levels of cross-sales that, let’s face it, we should all have been doing anyway – the best time to fix the roof is always when the sun is shining.

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  • Anonymous 23rd February 2010 at 12:52 pm

    This is a joke!! I cannot believe the FSA is allowing The Money Centre to reinvent itself. As a former employee and known what has happened. The bosses of The Money Centre should be held accountable, after all they have profited, through other people’s misfortunes. I think that Lloyds should sue the Directors for all the cases that shouldnt have gone through.

  • Anonymous 23rd February 2010 at 12:47 pm

    This is a joke!! I cannot believe the FSA is allowing The Money Centre to reinvent itself. As a former employee and known what has happened. The bosses of The Money Centre should be help accountable, after all they have profited, through other people’s misfortunes. I think that Lloyds should sue the Directors for all the cases that shouldnt have gone through.

  • a 17th February 2010 at 12:56 pm

    a