View more on these topics

Bankhall claims direct regulation only way to gain true independence

Bankhall has hit out at mortgage networks, saying that they limit consumer choice and should not be seen as a long-term solution by brokers.

The firm believes that direct authorisation is preferable to appointed representative status in the long term. It says the only way to achieve true independence, which is in the best interests of the consumer who needs to be made aware of all the deals available, is through direct regulation.

Group sales director Shaun Godfrey says brokers should consider joining Bankhall Point One, a halfway house where they can benefit from appointed representative status initially while getting training and support to help them become directly authorised within a year.

He says: “We hope consumers will clarify with their mortgage broker that they are directly authorised by the FSA from the outset or at least that they are not restricted by their principal to recommending just a few favoured lenders regardless of the appropriateness or competitiveness of the mortgage deal.”

Intelligent Finance head of intermediary sales Brian Ewing says: “Borrowers expect their mortgage broker to be impartial and to be able to recommend the best deals on the market at a given time.”

Recommended

Tilney to bring US fund onshore in retail move

Tilney is bringing its American growth fund onshore as part of its strategy to establish itself as a mutual fund provider in the UK retail market. The fund will be available as a sub-fund of Tilney&#39s UK Oeic. It has been run since launch in 1996 by Nicholas Roe-Ely, supported by Jane Drake. Roe-Ely says […]

Platform launches new management development incentive

Platform&#39s managers are to train for the Institute of Leadership and Management team leading certificates. Platform hopes that by July, 30 managers will have gained the certificate. It says the course should improve employee performance through its focus on the specific role of team leaders. Managing director David Tweedy says: “This new people development initiative […]

Legg Mason adds to Asian crowd

LEGG MASON INVESTMENTS Asia Pacific Fund Type: Oeic Aim: Growth by investing in companies in the Asia Pacific region excluding Japan Minimum investment: Lump sum £3,000, monthly £50 Investment split:Financials 22.47%, industrials 19.67%, Information technology 18.82%, materials 13.88%, consumer discretionary 6.26% telecoms services 4.7%, healthcare 4.58%, energy 2.11%consumer staples 0.99%, utilities 0.74%, cash 5.78% Isa […]

Standard Life Investments increases funds under management by 15 per cent

Funds under management at Standard Life Investments increased by 15 per cent in 2003 to £86.5bn at the end of the year. Worldwide investment sales are slightly down on last year at £3.3bn down from £3.4bn, but UK institutional business was up 23 per cent to £1.5bn while UK mutual fund sales reached £341m, down […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment