You are here: Home - News -

Abbey National thrown off Homebank panel

by:
  • 03/12/2002
  • 0
Abbey National group chief exec-utive, Luqman Arnold, has stressed the importance of intermediaries ...

Abbey National group chief exec-utive, Luqman Arnold, has stressed the importance of intermediaries to the bank’s strategy, despite its commitment to the channel being described as a sham by one mortgage broker.

Earlier this month, mortgage broker, Homebank, threw off Abbey its panel of lenders for cross-selling, and managing director, George Dodds, said: “I have to conclude that Abbey’s commitment to the intermediary market is little more than a sham.”

In a prepared statement, Abbey replied: “We will investigate the claims made by Homebank, but are at a loss to understand where the allegations of cross-selling come from.’ Arnold went on to say in Abbey’s 2002 full year pre-close statement, its ongoing review aimed to: ‘Deliver outstanding service advice and solutions to our personal and intermediary clients.’

However, a spokesman for Homebank hit back. He said: ‘Abbey’s chief executive should look at his business carefully before making himself a hostage to fortune. The fact his company are selling non-regulated insurance products to our clients and the clients of the intermediaries he purports to support, does not strike me as consistent.”

Also in the pre-closure statement, Abbey said it expects to cut its present dividend level. It said its gross mortgage lending was running at around 40% ahead of the first half of the year, and expected to announce an improved market share for the second half of the year.


Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
TRADE BODIES

IFA Promotion (IFAP) IFAP, the organisation promoting the benefits of independent advice, has appo...

Close