View more on these topics

80 Prestbury ARs transfer to Personal Touch

Around 80 Prestbury appointed representatives have transferred to rival network Personal Touch Financial Services today.

The move comes just a couple of weeks after Prestbury’s managing director Lee Birkett successfully fought off an attempt by minority shareholders to oust him and his mum Lynne, the company’s finance director.

At the time Birkett told Mortgage Strategy: “I’m pleased to be able to draw a line under all this. Now I want to get on with the job in hand.”

Personal Touch says today’s move is good news for the 80 ARs who are made up of some 140 business writers and is a sign that the network is now actively looking to grow.

Dev Malle, group sales director at Personal Touch, says: “This is good news for Prestbury’s advisers both in the short term and long term.

“Personal Touch has an excellent track record, is financially strong, and is delivering the same proposition to its members that it did on Mortgage Day.”

One AR of Prestbury told Mortgage Strategy that this is the best outcome for all of the remaining ARs, many of whom are still owed thousands of pounds by Prestbury in unpaid commission payments.

The AR says: “We were concerned about potentially losing our whole pipeline so this is the best outcome going forward as it protects our adviser base and continuity.

“It’s just a shame another network has fallen victim to the credit crunch.”

Birkett was unavailable for comment. The AIM listed firm has yet to announce the transfer on the London Stock Exchange.

Recommended

Prestbury confirms PTFS talks

Prestbury has officially confirmed it is in talks to transfer around 80 of its appointed representatives to Personal Touch Financial Services two days after takeover negotiations were revealed.

Yorkshire unveils comparison site

The Yorkshire has launched a conveyancing price comparison website for consumers.It has been created in conjunction with eConveyancer and follows hot on the heels of the Yorkshire’s online conveyancing service for borrowers which was unveiled last year.Compareconveyancers.co.uk features a national network of more than 170 solicitors and allows clients to choose between firms based on […]

SMS boosts broker commission

Solent Mortgage Services is offering brokers enhanced commission fees of up to £50 or an additional 0.10% for using its online portal and application system.

ANALYSIS: Show of strength from Nationwide

The Nationwide has flexed its muscles again and swallowed up rivals the Derbyshire and the Cheshire, to make it the undisputed super-power of the mutual world.

Retirement - thumbnail

Has Britain really stopped saving?

By Steve Webb, Director of Policy and External Communications Our latest policy paper reveals what the fall in the savings ratio does (and doesn’t) mean In June 2017, the Office for National Statistics published its estimates for the ‘savings ratio’ for the first quarter of 2017. This is essentially a measure of the percentage of […]

Newsletter

News and expert analysis straight to your inbox

Sign up