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.”
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 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 […]
The IMA has published six fund processing principles including encouraging electronic messaging for communication between fund managers and client-side financial institutions.
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 […]
The Living Wage Foundation has announced that Johnson Fleming was accredited as a Living Wage employer earlier this month.
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The rise in IHT takings has prompted complaints around the new residence nil rate band’s impact
The Association of Investment Companies will not be hosting the new key information documents on its website saying to do so would be irresponsible. Since 1 January, Priips legislation has meant advisers have to publish a stand-alone, standardised KID to their client including performance scenarios, risks, and the total cost of products. However, trade bodies […]
The Financial Services Compensation Scheme has paid out £5.7m so far to nearly 800 customers of collapsed discretionary fund manager Strand Capital. The payments were made to 796 investors over the past two weeks. The payments related to client cash only. The compensation was paid directly into customers’ self-invested personal pensions. An administrator’s report published in […]