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Britannic Money warns brokers will lose out

Britannic Money is warning mortgage borrowers may buy direct from lenders as many will not be willing or able to pay fees to independent brokers if the FSA&#39s proposals are applied to mortgage advice:

Britannic Money chief executive Tony Ward says: “We welcome the FSA objectives of bringing greater clarity to consumers in respect of polarisation reform. We are however concerned that the proposals outlined may not meet their objectives. We believe the proposals may, if applied to independent mortgage advisers in 2004 when regulation reaches this market, have a detrimental effect on smaller broker firms. These smaller firms may not be able to afford &#39independent&#39 status as it is typically their clients on middle to low incomes that are not prepared to pay fees. These clients may choose to buy direct from the lender, thus forcing the broker to drop the &#39independent&#39 status and operate from a smaller panel of lenders which is not in the client&#39s best interests.”


Morley announces change to board

Morley Fund Management has announced changes to its board. The appointment of two deputy chief executive officers is intended to free up chief executive officer Keith Jones to pursue plans for global expansion.The appointees are Gerard Quirke and Malcolm Le May. Dan Stannard from Fidelity becomes managing director of international business and Mike Gould becomes […]

New Life for IFAs

Few companies can claim to have been shortlisted for the Money Marketing award for best use of new media three years in a row. Scottish Life has exactly that distinction, having collected the full set of silver, gold and bronze awards in 1999, 2000 and 2001 respectively.As I mentioned at the end of last year, […]

Chelsea enters buy-to-let for students

Chelsea Building Society is targeting landlords looking to let to students with the launch of a new buy-to-let mortgage. The product has the same charges as the Society&#39s existing buy-to-let product, equally its SVR plus 0.25 per cent, currently 5.94 per cent.It benefits from a 0.75 per cent discount for the first 12 months, hence […]

Gartmore Investment Management – Monthly Income Fund

Wednesday 16 January, 2002 Type: Unit trust. Aim: Income by investing in high-yield bonds, investment-grade bonds. Minimum investment: Lump sum £1,000, monthly £50. Investment split: High-yield bonds 70 per cent, investment-grade bonds 30 per cent. Yield: 7.5 per cent gross. Isa link: Yes. Pep transfers: Yes. Charges: Initial 1.5 per cent, annual 1.25 per cent. […]

Solving the income puzzle

There is a puzzle at the centre of financial markets. The global economy is growing, there are signs of inflation and interest rates are going up, yet yields remain low. In this article, James Foster, manager of the Artemis Monthly Distribution fund, unpicks this conundrum and looks at where investors can find income. There is […]


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