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&#39Make Cat compulsory on loans&#39

Nationwide Building Society is calling for the Government to make Cat standards compulsory for mortgages sold to “vulnerable” buyers or without advice, including internet sales.

Its response to the Treasury&#39s Regulating Mortgages consultation claims “the biggest help for consumers is to find a place for Cat standards”.

Nationwide, the only major lender to adopt the voluntary standard introduced in April 2000 for all its mortgages, is arguing that only Catmarked loans should be sold to people such as first-time buyers.

It says Cat standards should be applied for execution-only sales because they tackle problems such as redemption penalties and hidden charges. It claims brokers would benefit from straightforward compliance and if all lenders sold Cat-standard products it would create a level playing field.

Divisional director John Sutherland says: “If Cat standards were applied across the market they would do away with problems like mortgage indemnity guarantee charges.”

Charcol senior technical manager Ray Boulger says: “Any form of product regulation like Cat standards would be seriously detrimental and restrict consumer choice.”


CII&#39s Scott to chair global insurance group

CII director general Dr Sandy Scott has been elected as chairman of the Institute for Global Insurance Education, a not for profit group concerned with training of insurance professionals worldwide.The IGIE aims to promote the development of competencies for insurance professionals worldwide, establishing international standards for education in financial services and recognising individuals who have […]

UCB adjusts self-cert loans

UCB Home Loans has announced changes to its range of self-cert range mortgages replacing its discounted rates with tracker rates and adjusting fixed rates.The specialist lender says from this week, it is introducing a two year tracker product, a three year tracker and a three year buy-or-let tracker. They will replace the existing discounted rate […]

FI&S doubles funds in £240m R&SA deal

Friends Ivory & Sime has snapped up the fund management business of Royal & Sun Alliance for £240m, creating a major UK investment house with £70bn under management.The takeover, which will spark a wave of fund consolidation and redundancies among the 700 staff of both companies, will more than double FI&S&#39s £34m of assets under […]

&#39Sandler set to blame FSA&#39s complex rules for savings gap&#39

Ron Sandler will lay the blame for the savings gap at the FSA&#39s door, stating in his final report that its complex rules dissuade consumers from investing, according to the Sunday Telegraph.It is believed that Sandler will publish his recommendations in late May and will recommend the creation of a savings product even simpler than […]

How can I help develop my professional connections?

Graeme Ballantyne, business consultancy manager, looks at how you can maximise the opportunities through your professional connections As we move through the summer months it’s perhaps a good time to pause and reflect on whether the plans you’ve made for your business are bearing fruit. One area we at PruConsulting know many advisers have been […]


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