Auxilium sells majority shareholding to MAB

Mortgage Advice Bureau, the UK's leading mortgage intermediary brand, has acquired a 75% shareholding in the Auxilium Partnership, a specialist protection service provider servicing Directly Authorised firms.
Combining Mortgage Advice Bureau's and Auxilium's protection expertise will massively benefit the forward-thinking and ambitious Directly Authorised (DA) firms that the Auxilium proposition is aimed at.
The main objective of this new partnership is to help DA firms achieve better performance, which in turn will ensure increased productivity, improved persistency, higher penetration, and better customer outcomes. The Auxilium proposition also embodies what the new Consumer Duty rules stand for - namely, ensuring advisers always act in the best interests of their clients by avoiding foreseeable harm.
Auxilium Partnership will continue to be led by Mark Graves, who will retain a 25% shareholding in the business.
Peter Brodnicki, CEO, Mortgage Advice Bureau, said: "With consumer duty at the forefront of everyone's minds, it is critical to partner with firms that are focused on consumer outcomes to help them avoid foreseeable financial harm. I believe the time is right to read across from Mortgage Advice Bureau all the protection lessons learned to help the wider DA community, and the partnership with Auxilium gives us the ideal platform to achieve this. We look forward to working with Mark to help Auxilium quickly become the partner of choice for those ambitious and forward-thinking firms that see protection being at heart of their business."
Mark Graves, CEO, Auxilium, added: "We are delighted to have partnered with Mortgage Advice Bureau, who bring specialist resources and skills to Auxilium that will enable us to strengthen our proposition further and help more DA firms than ever before. They are the perfect partner for us and have an unprecedented track record of success. I look forward to working with Peter and the team to build a market-leading protection proposition for leading DA firms."