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&#39Mergers on the way if lenders police the market&#39

Mortgage experts are predicting a wave of consolidation in the homeloan market if the FSA forces lenders to police the regulation of mortgage advice.

Scottish Amicable nat ional mortgage manager John Malone says the mortgage market will follow the life industry and, within five years, there will just a handful of major lenders.

Experts say converg ence is the only way that brokers and lenders will be able to survive in a regulatory regime which is monitored by lenders, because of prohibitively high administrative costs.

Some brokers are unh appy with the FSA&#39s disclosure proposals which could cause a shift towards exclusive partnerships with bigger IFAs, such as Brad ford & Bingley-owned Charcol.

Future Mortgages marketing manager Michael Bolton says: “With over 100 lenders in the UK market, it is not rocket science to expect ongoing consolidation but it will leave only the large or very small players because the market will squeeze out the mid-sized firms.”

Savills Private Finance managing director Mark Chilton says: “The way the Government is choosing to regulate will mean the big boys will just get bigger.

“Only the very small niche brokers will survive but generic broking will just fall out of the market. This is what happens when the Government interferes and does not do the job properly.”


Sofa aids members on switch to fees

Sofa is offering two new services to help members with technical questions and aid IFAs switching from commission to fees. The Sofa technical advice resource, or Star, is an email service which allows members to buy units of advice to help them with technical financial planning issues. Sofa says the arrangement is similar to a […]

product matters

As one of the biggest players in the market, it is worth taking note of Standard life (if only in the same way that it is hard to ignore a goat in your bathroom). Their product design and development will continue to be a benchmark for the retail pension market and a strong indicator of […]

Scottish Widows – Individual Pension Solutions

Tuesday, 12th December 2000.Type: Pre-stakeholder personal pension plan.Minimum investment: Lump sum £2,000 monthly £65.Investment choice: Fixed interest, indexed stock, mixed, international, consensus mixed, European, Japanese pension, global equity pension, property, building society, UK equity, UK equity index, safety plus, North American pension, environmental pension, Fidelity managed, Chase Fleming managed, Gartmore managed, Merrill Lynch managed, Newton […]

&#39IFA business must rise 400% by 2003 to maintain income&#39

IFAs will have to increase the amount of business they write by 400 per cent by 2003 to maintain current income levels, according to research by KPMG. The report, based on extensive interviews with senior life office personnel, predicts that all financial products will be brought under the 1 per cent charging cap for stakeholder […]

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.


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