View more on these topics

&#39Euro double whammy would bring chaos to mortgages&#39

The Council of Mortgage Lenders is warning of “regulatory chaos” if the European Union&#39s consumer credit directive is allowed to “drive a coach and horses” through the FSA&#39s plans.

The directive is on its way to becoming European law although there is no set timetable. The CML says it would severely constrain the UK mortgage market, potentially wiping out flexible mortgages, which account for about 20 per cent of lending, and also hitting equity release and remortgaging.

The CML says while it welcomes the Treasury&#39s timetable announced last week for mortgage and general insurance regulation to fall under the FSA&#39s remit from October 7, 2004, it wants all mortgages to be removed from the EU directive&#39s scope as it is concerned that the “double whammy” of FSA and European regulation would be too much for the industry to cope with.

CML director general Michael Coogan says: “It would be unacceptable for the mortgage industry to go through a big bang of statutory regulation in 2004, only to go through similar comprehensive structural change in a couple of years under a Euro-pean directive. The double whammy simply would not be justified in terms of consumer protection terms.”

Independent mortgage expert Mark Chilton says: “I think the CML is right to bring this up. We have got to work far harder to get regulation into a decent shape over here in the next 15 months and also lobby Europe to make sure that its regulation makes sense.”


SWIP trusts beats all-share index by 28 per cent

Scottish Widows Investment Partnership has appointed Matthew Harris as investment director to its Japanese equity team. Harris, 28, has more than seven years experience managing Japanese funds at Aegon Asset Management. He will work on Japanese institutional funds with responsibility for research in both retail and institutional funds.

Now ScotMut set to offer Sandlerstyle with-profits fund

Scottish Mutual is set to become the latest office to offer a Sandlerstyle ringfenced with-profits fund.The proposals are still in the early planning stage, with the company yet to decide the exact design or how it would sit alongside its existing with-profits fund.But the news will give some comfort to the brand which saw parent […]

Scottish Mutual offers double helping of property

Scottish Mutual has introduced the commercial property plan, an investment trust that aims to produce income or growth by investing in commercial property.The product is designed to allow retail investors a means of diversification as an alternative to equity and bond investments, but it has an unusual structure. It will invest in two closed-ended investment […]

Brown reappointed as Consumer Panel chairman

The FSA has announced Financial Services Consumer Panel chairman Colin Brown has been re-appointed for a further 15 months until March 31, 2004. The Panel&#39s vice chairman Ann Foster has seen her appointment extended until the same date, at which point she will take over as chairman of the panel until March, 2006. Additionally, Panel […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm