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AMI publishes promotions guidance in light of sub prime failings

The Association of Mortgage Intermediaries has launched its latest factsheet entitled Financial Promotions for sub-prime or non-conforming mortgage products.

It has been designed to give an overview of common errors on sub-prime promotions and how these can be addressed to help create compliant financial promotions.

Earlier this month the FSA published a progress update on its financial promotions work. The report also included information on the future direction of the regulators work, outlining a number of key areas it would focus on. One of these was the financial promotions produced by mortgage intermediaries, in particular sub-prime promotions from small broker firms.

In light of the upcoming focus in this area, AMIs factsheet covers the FSAs specific financial promotions requirements and outlines the common errors the regulator has uncovered in sub-prime promotions. These include: omitting or not using a correctly calculated APR plus the APR not being prominent enough; missing risk warnings or risk warnings which were inaccurate or not prominent enough; missing or incorrect fee disclosure information; and a lack of balance promotions listing the benefits but not the potential downsides.


Battle of the bonds

John Pattullo’s Henderson strategic bond fund illustrates the wide variety of holdings available to the fixed-interest manager and its performance is testimony to his skill

Sesame backs regulation for support services firms

Sesame is backing Tenet’s move to apply for FSA regulation for its support services arm despite regulation not being required. Sales and marketing director Steve Young says it demonstrates a positive and confident attitude if a support services firm seeks FSA regulation. He says there have been very low barriers to entry in this sector […]

Teamspirit sets up PR company

Financial services marketing company Teamspirit has launched a public relations company. Teamspirit PR aims to gain coverage for its financial services clients not just in the money pages but also in the consumer press, TV, radio and online.

Rewriting the rules

I note that both Winterthur (the owner of Colonial Mutual) and the FSA claim that a section 44 agreement existed but that neither party has a copy of documentation to prove it. Isn’t it the FSA who bangs on all the time that if it isn’t written down, it didn’t happen? Nick Bamford Managing director […]


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