View more on these topics

AMI to hold PI talks over direct-only loans

The Association of Mortgage Intermediaries is to meet with professional indemnity insurance providers in September to address the problems of covering advice on direct products.

Advisers have raised concerns on whether their PI cover extends to advising clients to opt for direct-only mortgages as they may not be able to carry out full regulated advice such as providing a key facts illustration.

AMI director Rob Sinclair says: “This needs to be addressed. Some times, advisers might step out of PI cover to help a client in the interests of best advice but some times the wording of PI cover may be wrong for the current environment.”

Personal Touch Financial Services sales director Dev Malle says: “We have some major worries about our appointed representatives giving advice on off-panel direct products. Our view is if the adviser promotes a product, that is advice. But if both the adviser and the network cannot fulfil the regulatory processes, then the PI cover will not be valid. It could be very dangerous.”

Malle says PTFS is currently advising all its ARs to continue to only advise from the network’s panel of providers.


Arch suspends cru fund cells

Arch Financial Products has suspended the underlying cells investing in the CF Arch cru funds after discrepancies were found in their pricing.

Canada Life annual IHT survey results

75% of wealthy unaware of new residence nil rate band IHT allowance Just 4% were aware the new allowance will be up to £175,000 per individual Lack of awareness of IHT rules means families risk paying a bigger bill than they need 83% think the current inheritance tax rules are far too complex A remarkable […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Direct Deals
    I am a member of PTFS, and I have lost two mortgage sales this week due to that the clients went direct to lenders because I could not offer a competitive deal. If we have had a process in place to offer clients advice on direct deals I would at least have made some money. I also think that clients will remember my uncompetitive deals next time they need a mortgage… and they may not even bother asking for a quote…

Leave a comment