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Portillion appointing new CFO

Would-be lender Portillion says it is close to appointing a new chief financial officer, following the resignation of its current CFO David Hill.

Hill handed in his notice in December, after almost two years with the firm.

Roger Brown, sales and marketing director at Portillion, says: “David has resigned from the company to pursue other career opportunities and we are in the advanced stages of appointing a replacement.”

Portillion is in the middle of applying to the Financial Services Authority for its authorisation to become a mortgage lender.

It plans to launch a range of savings products direct and mortgages through intermediaries.

Mortgage Strategy revealed in June 2011 that it had secured over £58m in investment from SBI Group of Japan and had set an original launch date of January 1 2012.

Brown says although it has missed its January 1 deadline, it is confident it will launch in 2012.

Stephen Knight revealed his plans to launch a lender called Checkmate Mortgages in 2007 which was later rebranded to Portillion in February 2010.

In February 2011 Knight he was forced to step down because of a brain tumour.


Less well-off take 22 years to save first home deposit

Lower to middle income households face a 22-year wait to save a deposit on their first home, according to a report out last week. The Resolution Foundation says this compares to just an eight-year wait in 2001 and adds that it would be even longer for those living in London. In its report, The Essential […]

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Preparing for the changes to the pensions market

As more and more providers start to reveal their stance on the charge cap and removal of commission and active member discount pricing, we thought it would be worthwhile to look at what these are, and the steps businesses should be taking to prepare for this.


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