Bright Grey says more first-time buyers are falling into the protection gap due to rising monthly mortgage repayments.Product director Roger Edwards says he is concerned by deals such as Abbey’s new deal which allows borrowers to take out a mortgage of up to five times their income. He says people who take out bigger mortgages may not be able to afford to take out sufficient cover or will not prioritise the payment of protection policies. Edwards calls this a vicious circle because people who are not insured are less likely to have savings to fall back on in the event of ill-health which could leave them unable to keep up their mortgage repayments. Edwards says: “We are in danger of seeing a Catch-22 situation developing. People who are taking out a mortgage are taking out the biggest debt that is likely to occur in their lives. “Adding on a protection policy could be seen as an expense too far. At what point do people start deprioriti- sing protection?”
Farepak customers who paid the firm using a Visa debit card can get a full refund of lost savings by asking their bank to start a Visa chargeback against Farepak’s bank as a refund for services not received, thanks to a loophole exposed by Money-SavingExpert.com.
Axa’s bid for Thinc Group has finally gone through after more than 96.2 per cent of Thinc shareholders accepted the French insurance giant’s offer.Thinc will cost Axa up to £100m. The insurer placed a formal offer of £70m for Thinc based on its performance in 2009 and pledged a further £30m to refinance its debt […]
Global Special Situations Fund
FSA retail markets managing director Clive Briault told an FSA conference this week that identifying firms making slow progress with TCF by March and “bringing them to the stage” will be central to its supervisory work.
The UK is ending what has been its slowest economic recovery on record with a marked acceleration in growth. Neptune’s forecast for UK GDP growth in 2014 is 2.5 per cent, up from 2013 growth of 1.8 per cent as estimated by the Office for National Statistics. When considering the changing UK macro outlook, three important questions remain:
- Top trends
- Top trends
- Revealed: The FCA’s findings on ongoing advice
- How much are advisers charging for pension transfers?
- Lifetime allowance 2018/19 increase confirmed but pensions absent
- ATS staff departures continue as platform commits to improved adviser experience
- SJP trainee adviser banned and fined for faking qualifications
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As the outlook for the UK’s economy remains uncertain, how can advisers prepare portfolios for any change in inflation? As higher inflation fails to appear on the horizon and wages grow faster than expected, fund managers are weighing up their portfolio moves for any potential changes in the economy. The UK consumer prices index rose […]
IFA directors Kevin and Cheryl Neal have been banned from being company directors by the Insolvency Service for six and four years, respectively. The married couple ran the now-defunct Hertfordshire-based Kevin Neal Associates Wealth Management. They were disqualified for taking assets from an insolvent company. The firm had been incorporated to take over the business interests […]
Hartley Pensions has bought the “untainted” assets of the Lifetime Sipp Company, which went into administration earlier this year. An update published today on the website of Lifetime’s administrators Kingston Smith & Partners says Hartley Pensions has also agreed to administer the tainted Sipps held by Lifetime Sipp. The administrator described tainted assets as those where […]