AN acquisition by a subsidiary of Skipton-based mortgage administration specialist HML has been approved by the regulator.
The Financial Conduct Authority has approved Specialist Mortgage Services’ acquisition of Topaz Finance Limited from the Royal Bank of Scotland. Topaz services around £700 million of residential mortgages.
Andrew Freeley, SMS managing director and proposition director at HML, said: “We are delighted that the FCA has approved the purchase of Topaz. The acquisition supports our strategy, giving us further scale and enhanced capability in mortgage portfolio management."
“The commitment by [HML owner] Computershare to grow the loan servicing business is significant and the acquisition by SMS of Topaz is an important part of this strategy. Now we have FCA approval, we can progress our plans to grow our business and support asset traders and other investors in their mortgage portfolio acquisition strategies.”
HML currently has approximately £37 billion of managed assets and 50 major clients, including banks and building societies. In addition, HML provides ‘standby’ services to a further £60 billion of assets.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here