Ulsterbank and First Active pinch on the back of RBOS woes.

This week Ulsterbank again made news in announcing that they were ‘leaving the broker market’ as of the end of May 2008. From the perspective of this brokerage you ‘can’t leave something you didn’t have’, Ulster had less than 5% share of the market and they never really secured a product/service offering that gave them significant inroads into the broker arena, for that reason, getting out of a channel they would never be able to operate in successfully is a wise decision.

In a statement they mentioned that they will instead focus on their existing client bank, what that means is that if you hold an Ulsterbank Account you can expect a phone call some time soon inviting you for a ‘financial review’ or something along those lines, while it is an excellent idea to review your finances always be aware that direct product producers such as Ulsterbank are not obliged to let you see what is available on the wider market, in fact, their advisors need only offer whatever limited options the bank create. Its like having a sweet-tooth …

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