It is hoped the combination will provide enhanced benefits to the membership of both and to create management efficiencies in the running of the Group’s Network Services.
The combined Network will trade under the banner of Pink Home Loans Network with Pink Home Loans providing the mortgage expertise; Direct Life will have responsibility for the delivery of the protection proposition for all ARs across the enlarged business.
Both Pink and Direct Life are subsidiaries of the Skipton Building Society and the arrangement will produce one of the largest networks in the mortgage market.
Tony Jones, Managing Director, Pink Home Loans comments, “This move will bring significant advantages to members of both Pink and Direct Life. Pink’s experience in the mortgage market and Direct Life’s Insurance expertise will mean that we have an even stronger proposition to offer to existing and prospective ARs. In addition Pink is the only mortgage and insurance network to have been awarded Financial Adviser’s top 5 star award. At a time when ARs are expressing disappointment with networks’ service, Pink network ARs can be assured that they will receive a 5 star service”.
Michael Ward, Managing Director, Direct Life commented “This really will be one of those situations where 1 + 1 equals more than 2, particularly from the perspective of the networks ARs. Much has gone into building both networks, which in the early days were quite dissimilar, but with the passing of time both networks have become increasingly similar in their approach to insurance, mortgages and the use of technology . Today we start the hard but important work of managing the integration which we are certain all the ARs involved in will benefit from”.
