View more on these topics

European Commission sets 3i and Countrywide deadline

The European Commission says the deadline for its inquiry into private equity group 3i’s proposed 940m acquisition of Countrywide is set for February 8.

This comes after a major shareholder, Artisan partners, attempted to block the move due to its concerns over its fairness.

The deal, which was to sell Countrywides shares to 3i at 490p a share, has been seen by Artisan to have too short a game plan and would be detrimental to Countrywide.

The deal is being examined under the EU’s ‘simplified’ merger review
procedure for cases which the commission believes do not pose competition concerns.


CETA targets brokers angered by Paymentshield

CETA is targeting brokers angered by Paymentshields decision to stop paying trail commission to brokers no longer regulated with the launch of a home insurance product.The AXA protector policy is a stand-alone, monthly-paid insurance product underwritten by AXA with commission paid at 27.5% on an indemnity basis.CETA promises that once a policy is on risk, […]

I don’t understand Richard Griffiths’ stance on VAT

From Ian DalzellWhile I agree that it was somewhat lax on the part of Network Data not to warn its advisors that VAT could be payable on their membership fees, I do not understand where Richard Griffiths is coming from. Where brokers receive commission it is exempt from VAT (see VAT Notice 701/49) and brokers […]

Freedom completes £20m sale to Saffron

Freedom Lending has completed a £20m portfolio sale to Crocus Homeloans, a subsidiary of the Saffron.The portfolio comprises a mix of self-cert, buy-to-let and Freedom’s on-track credit repair mortgages. Richard Spinks, director of risk at Freedom, says: “We’re delighted to have completed this portfolio sale with Saffron. “We are also keen to identify additional potential […]

Housing equity outweighs mortgage debt

Halifax has calculated that housing equity significantly outweighs mortgage debt with UK private stock now worth 3.8 trillion. This means housing equity is 3.5 x the value of outstanding mortgage debt of 1.1 trillion.The value of the housing stock has increased by 78% over the last five years, with stock rising by 12%, or more […]


News and expert analysis straight to your inbox

Sign up