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American General buys Ocean

AIG subsidiary American General Finance Corporation has bought Ocean Finance and Mortgages.

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FSA fines mortgage broker for cold calling and PPI failings

The Financial Services Authority has fined broker Capital Mortgage Connections £17,500 for rule breaches including cold calling potential customers. This is the first time it has taken action against a firm for cold calling, after the FSA investigation found that 85 per cent of its business was generated by cold calling potential customers. The fine […]

Pedal power

A team from Openwork has raised nearly 75,000 for disadvantaged kids by cycling in Egypt.The 410km charity challenge took place between Luxor and the Aswan Dam in the heart of the Egyptian desert over five days.The team of 34 advisers and employees covered an average of 82 km or 51 miles a day in batter-ing […]

Wriglesworth says ban high multiples on variable rates

High income-multiple loans on variable-rate deals could create a misselling crisis and should be banned, claims economist John Wriglesworth.Speaking at the Mortgage Business Expo in London last week, he said there is no problem with lenders offering up to nine times income multiples as long as they are on longterm fixed rates as many people […]

Cofunds hits £10bn in five years

Cofunds has passed £10bn in assets, five years since it launched.Rival FundsNetwork is also understood to have reached the £10bn landmark.Industry estimates put the amount of money held on platforms at around £30bn but Cofunds believes this will leap to £180bn by 2010.Cofunds is to launch an offshore bond and will include offshore funds on […]

The curse of long-term cash

Trevor Greetham, Head of Multi Asset at Royal London Asset Management, reveals why clients should be seriously concerned when short-term holdings of cash turn into a long-term investment. There is nothing wrong with holding wealth in the form of cash on a short-term basis. For many people capital stability is important and access to ready cash […]

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