View more on these topics

AMI issues guidance on retention

The Association of Mortgage Intermediaries has launched a factsheet to help members deal with the issues around retention business.

The factsheet covers compliance issues when reviewing existing mortgage arrangements and additional issues that will be raised where a client has an existing unregulated mortgage.

AMI associate director Rob Griffiths says: “As a growing number of lenders offer increasingly competitive deals to existing customers, mortgage intermediaries may be recommending their clients to stay with their existing lender more frequently.

“The factsheet is designed to help members and highlight some of the compliance issues that may be raised while dealing with retention business.

“The key point to remember is that if an intermediary is approached by a client with a view to reviewing existing mortgage arrangements, such a review is likely to fall into the definition of advising.

“This is regardless of whether or not the outcome of the review is a recommendation to move either product or lender. Intermediaries must ensure they follow FSA rules for these activities including an assessment of the suitability of the retention product comparing it with the rest of the mortgage products available within the firm’s scope of service.”

Recommended

DWP axes web service for pensions

The Department for Work and Pensions has dropped plans for a web-based pension service for people who cannot afford advice because it admits it does not know what future pen- sion provision will look like. The Retirement Planning web service, costing the taxpayer £11m, was intended to provide advice on planning and saving for retirement […]

Tory commission proposes £21bn cut in taxes

The Tory Tax Reform Commission is recommending a £21bn cut in taxes, including scrapping IHT on primary residen-ces and slashing corporation tax levels. Head of the commission Lord Forsyth told an audience at KPMG’s headquarters last week that the proposals are realistic and set in place ref-orms that would result in a “simpler, lower, flatter, […]

Age-old plight

Many industry professionals believe that CF8 is merely a token move and does not address the real issues

Canada Life offers aid on IHT

Canada Life has set up a dedicated technical team to help IFAs with estate planning and IHT mitigation. The firm says that with IHT thresholds not rising in line with house prices, more and more homeowners are being hit with IHT bills so the number of IFAs having to deal with IHT planning has increased. […]

1

Lifetime Isa – how it works

According to George Osborne “people like Isas – because they’re simple”. Fiona Tait is not convinced… Contributions & bonuses What he said: “From April 2017, anyone under the age of 40 will be able to open a Lifetime Isa and save up to £4,000 each year. And for every £4 you save, the Government will […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com