View more on these topics

&#39Set Sandler standards&#39

The Financial Ombudsman Service has asked the ABI to publish fit and proper business practices when Sandler comes in to prevent future standards being applied to past business.

Principal ombudsman (banking and loans) David Thomas told delegates at the BSA conference that it would be advantageous to have a yardstick for Sandler products similar to the various versions of the Banking Code, which make it easy to check past practice.

Thomas believes this yardstick should be made public so consumers are aware of it.

The ABI confirms it has spoken to the ombudsman about these issues but says it has to wait for the consultation paper on the sales process for Sandler before any further action can be taken.

Spokeswoman Emma Quantrill says: “We believe it is important that everyone has a shared understanding of what is good practice in the market at any one time and this will be particularly important given the development of the novel sales process of the Sandler products.”

Recommended

Julian Gibbs

There are very few sensible ways in which investors can hope to receive a return of over 10 per cent a year with capital security. Probably the most innovative and exciting product I have come across recently which should achieve this target is the Close Man hedge fund, which is targeting absolute returns of between […]

Current account mortgage debt fears

An Aberdeenshire IFA is calling for lenders to toughen up on borrowers who do not stick to their current account mortgage repayment plans. Geissler Financial Services adviser Wolfgang Geissler says borrowers are not being made aware of the risks attached to current account mortgages. He says the products have become popular with cash-rich local oil […]

Verity&#39s view

Norwich Union&#39s decision to charge for guarantees on its policies has met with little controversy, just as with Standard Life. With Standard Life, at least, the tendency has been to say something like: “Well, it is in a mess after its disagreement with the FSA. Something had to be done. There was always a cost […]

Bankhall and e.surv announce partnership

UK market leading firm e.surv Chartered Surveyors and intermediary services provider Bankhall have announced a new partnership to provide valuation services. The arrangement follows Bankhall&#39s acquisition of the Norwich Union Mortgage Club and is the latest in a series of strategic announcements from Bankhall regarding the mortgage market. Managing director of e.surv Paul Latham says: […]

Harris Associates' view on the UK’s vote to leave the EU

By David Herro, Partner, Deputy Chairman, Portfolio Manager and Chief Investment Officer of International Equity at Harris Associates Britain’s vote to exit the European Union has led to significant uncertainty across global markets. We believe market impact of this uncertainty, though severe, is more of a shorter-term phenomenon which will provide an opportunity for long-term […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment