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&#39TCF team will turn to mortgages soon&#39

The FSA&#39s team working on its Treating Customers fairly team will switch its focus to mortgages within four months, according to Association of Mortgage Intermediaries director Chris Cummings.

Speaking at a debate about mortgage regulation at Money Marketing Live in Manchester last week, Cummings revealed that the FSA will be looking for volunteer firms which the TCF team will visit to get a better understanding of the mortgage market.

Panellist Mortgageforce managing director Rob Clifford told brokers they should watch out for this phase of TCF but that the initiative is more likely to be an issue for lenders than brokers.

He pointed out it would be hard for brokers to treat customers unfairly as they do not produce the products, saying market forces ensure brokers do not charge a 5 per cent fee.

MCCB compliance director Richard Fox said the mortgage industry has always treated customers fairly, with the issue being covered in the past by the OFT and the Consumers&#39 Association. He said the FSA is bound to police the issue now it has come under its remit.

Cummings said: “Treating Customers Fairly is not going to impact on us quite yet. It is a matter of three to four months when the team will come in and look at firms. They admit they do not understand the mortgage market.”

Clifford said: “We are going to hear a lot more about Treating Customers Fairly. The FSA&#39s report on the issue said there remains something to be desired in the way financial services companies treat consumers today.”


NU increases stake in Lifetime

Norwich Union is increasing its stake in wrap proposition Lifetime from 49.9 per cent to 70 per cent. The move sees the life office take shares from IFA Millfield and founders giving it the majority share. NU spokesman James Evans says: “We see great potential in the wrap market and certainly the kind of distribution […]

&#39Cash beats 97% of funds in all companies sector&#39

Investors are better off holding cash during flat markets than in 97 per cent of funds in the UK all companies sector, says Bates Investment Services. The firm&#39s research reveals that just eight out of 268 funds in the IMA UK all companies sector produced positive returns and delivered the equivalent of 5 per cent […]


Standard Life suspends its mortgage endowment promise

Standard Life has decided to suspend its mortgage endowment promise due to poor investment conditions over the past four years. The promise required Standard Life’ capital to increase from levels in 2000, measured by reference to its free assets at the time the promise was made. It now does not expect the necessary growth to […]

Pension Edge: Ros Altmann

Unions are recommending that the government introduce compulsory pension saving for all employees. Such a policy change would make a bad situation even worse, prolonging the current system and postponing the required overhaul. Our pension system is not working properly, and just compelling people to put money into it will not make it work better. […]

William Littlewood “betting that QE won’t work”

Journalist Alexis Xydias interviews Artemis manager William Littlewood about his views on bond, equity and currency markets and the impact of a Greek exit from the EU. With bond yields at “ludicrous” levels, William believes a tipping point for bond markets is sure to come. As a result, his Strategic Assets Fund holds government bond shorts to the tune of 100 per […]


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