Malcolm finds his financial niche

Alan Bunce • Published 19 Feb 2010 08:00

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NOT only did Malcolm Scanlon start his new business in some of the toughest of times, he also chose one of the toughest of industries.

But his new firm, Niche Financial Solutions, is out to prove there is still lending going on and there are still answers to people's domestic financial problems.

Malcolm, 38, who lives in Thatcham, was made redundant from Chelsea Building Society last year. He had run previously run the society's mortgage brokerage in Swindon.

Now he has set up his new brokerage at Arlington Business Park in Theale with wife, Becky, offering loans, debt management and bankruptcy and Individual Voluntary Arrangements.

Partnership deals mean he can help customers with mortgages, pension and investment advice, wills and insurance.

He is in the process of gaining authorisation from the Financial Services Authority as a new start up so he can once again offer those kinds of products himself.

Malcolm said: "What people see on the news is that they can't borrow money because the banks aren't lending, but that's not quite the case.

"A lot of customers could do with reducing their outgoings. They need assistance but they don't know where to turn for help."

He said the days of high commissions from lenders fighting for business from

brokers are long gone but lending is still being done; it is just harder to find.

"Before, out of three or four enquiries, one would probably proceed," he added.

"Now you could probably speak to 10 people and there would be two or three you can help, but maybe only one would proceed."

Malcolm believes with the economy on the up, banks will get more confident and customers' perceptions will change.

He expects to start recruiting in the summer and over the next two years hopes to take on between 10 and 15 staff.

He added: "There is sensible lending and that should kick start the market."

Contact 0118 9657820 or visit www.nichefinancialsolutions.co.uk

This article appeared in Reading Chronicle 18 Feb 10

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