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Boulger hits out at lenders over heavy footprints marring credit

John Charcol senior technical manager Ray Boulger has slam-med lenders for leaving damaging footprints on customers’ credit records when making a mortgage enquiry and believes this approach flouts FSA rules.

He says: “Most high-street lenders – Halifax is an honourable exception – try to inhi-bit shopping around by leaving a hard footprint even when a customer just asks for a decision in principle rather than making a full mortgage application. This blatantly contravenes FSA rules, with only a few footprints needed to crucify a credit score.”

Boulger says this makes intermediaries a vital resource for customers when looking for a mortgage.

The FSA says it backs the credit reference best practice guidelines, produced by Experian, which advise firms to use quotation searches, which leave soft footprints, when a customer asks for a decision in principle. The regulator advises borrowers to ask lenders to make a quotation search instead of a credit application search when making a mortgage enquiry.



FSA cost of RDR set to pass £3m

The FSA has spent £2.95m so far on development of the retail distribution review. The figure has been revealed in response to a Freedom of Information request by Highclere Financial Services partner Alan Lakey, who is also director of Adviser Alliance. The regulator’s costs comprise £2,061,000 on internal staff working on the RDR, £249,000 on […]

Skandia adds Prism Capital funds to platform

Skandia Investment Solutions has added three multi-manager funds from Prism Capital management, the joint venture between IFA group Paradigm Partners and Octopus Investments. The funds have built up assets of £68m since launch in March 2009 and are available on Skandia now. They are the IFDs Prism cautious growth fund, IFDS Prism advanced and IFDS […]

Devey: ‘Not on the agenda’

Pru chief says UK is still heart of the business

Prudential insists it is not in talks with any companies looking to snap up its UK business, adding that the arm continues to be core to the group. UK chief executive Rob Devey admits the UK is far less attractive as a growth market than parts of Asia, where the firm will continue to focus […]


Annuity rates continue to slide

The Retirement Partnership managing director Steve Lewis offers a commentary on the latest annuity rates. A link to the latest Retirement Strategy annuity income data pages appears at the right-hand side of this article.


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