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BM urges free credit-check

BM Solutions wants the mortgage market to follow Asda’s example of paying for rejected applicants to check their credit history.

The HBOS-owned lender claims the move could help generate customer loyalty and help the fight against identity theft and fraud, as customers can view all mortgage, loan and credit card applications made in their name.

Brokers believe that any initiative in the intermediary market could only be carried out by packagers at present because of Data Protection Act restrictions.

BM Solutions spokeswoman Carla Lavender says: “It is important for providers to encourage people to keep an active look at their credit history. Credit is an important issue for our customers, particularly in the sub-prime market. Brokers could put literature together and they could show it to clients.”

John Charcol technical director Ray Boulger says: “If we could do it we would but lenders are not allowed to tell us clients’ credit details.”


Survey reveals support for auto-enrolment

Consumers support auto- matic enrolment into pension schemes but are unhappy about raising the state retirement age, according to a survey by B&CE Benefit Schemes. The research was based on the Pension Commission’s report and finds that only 21 per cent support raising the state retirement age, with 56 per cent against and 36 per […]

Millfield loses star duo to Tenet’s IFA

Millfield Partnership has lost its two top-performing advisers to newly established Tenet IFA Foster Denovo. Tenet claims that the two teams led by Paul Clarke and Darren Laverty were the top- producing Millfield IFAs in 2004 and 2005, with both achieving a turnover of over 1m in each year. Both are on target for generating […]

IMA sets out process principles

The IMA has published six fund processing principles including encouraging electronic messaging for communication between fund managers and client-side financial institutions.

Can you bend the rules by being big?’

I question the validity of the regulator’s threshold conditions when hundreds of small IFAs endure significant personal inconvenience to meet the capital adequacy require-ments at all times, yet the industry’s biggest organi-sations continue to trade unabated and inadequate. I question an enforcement system that judges its penalty on the ability of the culprit to endure […]


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