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Appointed rep regime to be extended to mortgage regulation

The Government still intends to expand the appointed representative regime to the mortgage market according to the Treasury&#39s response to its consultation published today.

It says no respondents had a fundamental objective to this proposal but some were concerned with the detailed rules around the regime. It says these matters are for the FSA to consult on.

It will respond to concerns that under the Financial Services & Markets Act, an adviser cannot be both an authorised person and an AR of an authorised person which may restrict consumer choice.

Many independent mortgage advisers currently have access to the whole range of mortgage products, but are also appointed reps of one life insurance company.

Such independent mortgage brokers would need to make a choice between being authorised and giving up AR status for life products, or becoming an AR of a mortgage lender.


Another Aberdeen split cap placed in liquidation

The third Aberdeen split caps investment trust was placed into administration by its board as the crisis both at the fund manager and in the sector deepened.The Aberdeen leveraged income trust is now virtually guaranteed to not return any capital to its shareholders as it followed its high income and media & income trusts into […]

Exchange sets up quotation service

The Exchange is offering a comparative quotation service that enables IFAs to compare pension products and providers on retirement benefits, fund values, charges, transfer values and product features.The service gives compliant customer-specific quotes and illustrations for individual pension products and is supported by Clerical Medical, Friends Provident, Norwich Union, Scottish Mutual, Skandia and Standard Life.

People won&#39t buy without persuasion

So, the waiting is over. The biggest problem facing the UK in the new century and after waiting for a year with bated breath, the two masterminds have come up with their solutions on how we are all going to save significantly more.There must be rejoicing in the streets – hurrah, hurrah, we are to […]

John Porteous

Born: Edinburgh in 1970.Lives: Brentwood, Essex, with wife Liz.Career: Left Inverkeithing High School to join Scottish Widows in 1988.Broker consultant with Scottish Widows, Abbey Life and Murray Johnstone until 1998, then joined Robson Rhodes as an IFA. Joined Kingsbridge Financial in 1999.Career ambition:To continue to improve as an IFA.Life ambition: To look over my shoulder […]

Tapering of annual allowance – adjusted and threshold income

The definitions of adjusted income and threshold income used to determine whether, and to what extent, someone’s annual allowance will be reduced can be confusing.  Here we try to make sense of it all. The annual allowance will be reduced for high income individuals from 6 April 2016.  Our previous article Tapering of annual allowance […]


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