Berkeley Alexander is cutting the cost of mortgage payment protection insurance for younger people in a new product offering a three-month payment waiver.Mortgage Lifeline introduces age-banding and an initial three-month payment holiday, reducing premiums for young policyholders. Berkeley Alexander claims that 85 per cent of people taking out an mortgage payment protection insurance policy are under 45 and says it could save a 30-year-old up to 40 per cent in premiums for 500 a month MPPI cover for a benefit period of 12 months. The product, which is designed for intermediaries, is available to new and exist- ing mortgage borrowers and includes a 30-day excess per- iod. Commission of 27.5 per cent is payable at inception and renewal for the lifetime of the contract for e-submissions. It will be underwritten by Genworth Financial and will accept online, paper and CD submissions of Mortgage Lifeline business. Berkeley Alexander director Geoff Hall says: “Younger borrowers should be paying less for their MPPI policies. Our aim is to deliver better value for the younger end of the market by removing the cross-subsidy that exists across age bands in flat-rated MPPI products, together with a complete toolkit to help people get back on their feet.”
The FSCS has declared 43 firms in default. The list of firms, available on the FSCS website at www.fscs.org.uk , includes Worcester based John Coverdale Associates, Stafford-based P D C Insurance Services and Kent-based Alder Broker Group.
Gartmore has appointed two new investment managers to its global quantitative strategies team.Gerald Campbell and Jeffrey Kerrigan will report to MIke Gleason, who has been promoted to the new role head of global quantitative strategies. Campbell and Gleason will both be London-based, joining the 15-strong team and will share responsibility for growing Gartmore’s global quantitative […]
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Accelerated Growth Investment Plan 4
Do you agree that arranging proper insurance against disaster should be the cornerstone of any financial plan for a family or individual not wealthy enough to self-insure? Can you tell from all the ads that insurance generally is clearly a profitable game to be in?
Nicolas Just, Head of Smart Beta at Seeyond, says the most important point to recognise about the Seeyond approach to investing is that it sees volatility as an asset class and, with its factor-plus products, it aims to build portfolios that will outperform an index over one year/achieve outperformance as frequently as it can.
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Brewin Dolphin is cutting costs by up to 18 basis points on funds in its managed portfolio service as it introduces segregated mandates for core asset classes. Star fund managers including Neil Woodford and Nick Train are among the line-up to run segregated mandates in the manager-of-manager approach for four core asset classes. The MPS’s […]
Advisers have called into question claims made by the head of the Financial Ombudsman Service that the complaints adjudicator is “not a consumer champion”. Earlier this week, Caroline Wayman told a committee of MPs that the FOS’ job was not to “advance the cases of the individual” but to provide a “level playing field”. Wayman […]
The FCA has renewed its suspensions on discretionary fund manager Stargate Capital Management. The regulator first told Stargate it could not take on any new appointed representatives back in June. The FCA has also continued its ban on new investments into the firm’s FX Perpetual fund, an “absolute return systematic algorithmic FX trading strategy” and […]