View more on these topics

John Malone to stay on at PMS until 2013

John Malone, chairman of PMS, has extended his contract with the company until December 2013.

john_malone.jpg

Malone’s contract was due to expire in December 2012, but he will now stay on for a further 12 months.

He revealed his decision at PMS’s 15th anniversary celebration in London last night.

Malone told Mortgage Strategy: “I’m enjoying working with the people around me and by 2013 hopefully we will be through the worst of the recession and I can pass on the business to my colleagues with a bit more light at the end of the tunnel.”

George Higginson, chief executive of Sesame Bankhall Group, says PMS is going strong.

He told attendees at the event: “In the middle of one of the worst recessions that we have ever known, PMS is seeing its figures go from strength to strength. In 2011 our figures were up on 2010 and we passed the £250bn barrier for mortgage business.”

Higginson says the directly authorised sector is becoming a two tier market, made up of those that submit quality business and those that don’t.

He says Malone’s work on the National Fraud Authority’s Mortgage Fraud Forum means PMS is well positioned to make sure its DAs are submitting quality business.

PMS is part of the Sesame Bankhall Group, which was formed in October 2009 following Sesame’s acquisition of PMS and Bankhall from Skandia UK.

Recommended

Platform plans to boost B2L lending

Platform is looking to increase its buy-to-let lending by a third in 2012. The Co-operative Bank-owned lender has ring-fenced £600m for buy-to-let for the year, up from the £450m it lent in 2011. Lee Gladwell, business development director at Platform, says: “Platform has many years’ experience in buy-to-let and we aim to be a preferred […]

No loss, no fee rule would curb ambulance chasers

I was interested to read last week that the Financial Ombudsman Service is planning to increase the number of free cases that businesses are allowed from three to 25 in 2013.

Unfair contracts may scupper lender moves to switch interest-only clients

The Financial Services Authority has warned lenders that they may not be able to switch interest-only customers to a repayment mortgage if the wording in their contracts is unfair. Last week the regulator issued guidance to lenders after it found a number of switching terms in their contracts may be potentially considered unfair or not […]

Claims firms responsible for nearly half of FOS cases

Claims management companies accounted for almost half of all cases received by the Financial Ombudsman Service during 2011. Figures cited in a review of FOS by the National Audit Office last week show claims firms generated 45% of complaints to FOS last year, compared with 43% that came directly from consumers. The number of complaints […]

Newsletter

News and expert analysis straight to your inbox

Sign up