Bingley (B&B) chief executive Richard Pym has a job laid out for him
following the buy-to-let specialist’s deeper plunge into the red at £26.7m from
mortgage losses and fraud compared to a profit of £180.4m in the same period
An £18m provision was needed to cover the mortgage fraud, lifting the
lender’s credit impairment charges for the six months, to £74.6m, from £5.3m in
the same period last year, the Guardian reports.
B&B revealed a £15m charge to cover losses from fraud in June when
finance director Chris Wilford said no new scams had been discovered since then,
however another £3m against accrued arrears was needed to cover more losses.
Chairman Rod Kent said most of the scams uncovered in the last six months
could be traced back to mortgage professionals and had been discovered as a
result of falling house prices. He said the alleged culprits were being pursued
by the police and the regulator.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016