View more on these topics

&#39Govt is bullying CML over seller&#39s packs opposition&#39

Conservative Shadow housing minister Nigel Waterson has slammed the Government for bullying the Council of Mortgage Lenders over proposals for home seller&#39s packs.

At a Parliamentary legislative committee meeting last week, Waterson accused ministers at the Department of the Environment, Transport and the Regions of trying to force the CML into withdrawing its public criticism of seller&#39s packs.

Waterstone used an internal CML letter obtained “through the good offices of Money Marketing” to show how the CML had come under pressure from DETR officials to tone down its opposition.

The letter, sent by director general Michael Coogan, asks executive committee members to back a change of direction and adopt a less high-profile and critical approach to the packs.

Waterson invited Government housing minister Nick Raynsford to give the committee precise details of the pressures that were bought to bear on the CML by him or his officials.

Raynsford claimed that a speech he made at last December&#39s CML conference had persuaded members to change their “slightly ill thought out” opposition to the packs.

Waterson said: “The CML has obviously seen fit to haul up the white flag after being bullied by the minister.

“The Government intends to take no prisoners and certainly does not intend to do any favours for the Council of Mortgage Lenders and its members if they have the temerity to continue publicly to oppose the legislation.”


Twefs offers education guide

Tunbridge Wells Equitable Friendly Society is offering a guide to inform young people about the costs of higher education. The move is in response to a recent Mori poll which found that the average student owes £3,300 and expects to be £7,000 in debt by the time they graduate. Twefs&#39 Brief Guide to the Financial […]

Grin and bear IT

The last 18 months have been extremely volatile for technology investors, encompassing both a powerful bull market and a painful bear market that continues to weigh on the technology sector. Volatility in recent months has been on an unprecedented scale. Why did the market rise so rapidly and fall again in such a short space […]

Equitable hands out 450,000 clients&#39 details

Equitable Life has been attacked by IFAs for releasing information about 450,000 of its policyholders to an IFA firm and its action group, amid fears it is violating the Data Protection Act. Bristol IFA Whitechurch Securities and the Equitable Policyholders&#39 Action Group have written to the policyholders asking for their support and offering to sell […]

NU extends endowment guarantee

Norwich Union is widening its guarantee to top up shortfalls on mortgage endowments to all its policyholders. NU, which is cutting reversionary bonuses this year, says it will top up terminal bonuses on all with-profits mortgage endowments that do not meet their target, provided investment earnings average 6 per cent a year. CGU introduced this […]


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