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Brokers buoyed by FSA concession

The Financial Services Authority today offered a temporary concession to mortgage brokers over client money rules.

It says that pro fees received by advisers and rebated back to clients will fall outside the scope of the FSA’s client money rules.

This arrangement mirrors one that is already in force for financial advisers on investment business and will run until a long-term solution is found.

The move has been welcomed by the Association of Mortgage Intermediaries.
Director general Chris Cummings says: It is pleasing that the FSA has taken this stance on client money.

As written, the rules did not account for arrangements in the mortgage industry and it is right that brokers can now benefit from this concession.

FSA small firms division head of investments Mike Lord adds: This is in line with our aim of keeping the effect of our regulation on firms, particularly small firms, to the minimum that is necessary to meet our consumer protection remit.


Leeds criticised over 1.89% loan deal

Leeds Building Society has been slammed by IFAs for marketing a mortgage to first-time buyers that sees monthly payments jump by almost 350 per cent after two years. Leeds says the 1.89 per cent headline rate is designed to help FTBs and young professionals get on the property ladder but it locks borrowers into its […]

Bankhall running training series

Bankhall is running a series of training courses covering compliance best practice, treating customers fairly, supervisory skills, anti-money-laundering and principles for general insurance.

Crystal clear

Before I conclude my recent series of articles looking at expected returns from the main asset classes, I would like to develop a little further the projections for equities on which my last article mostly concentrated.

Why prevention is better than cure

Quoting the famous adage, prevention is better than cure; there are many proactive benefits that can improve wellness in the workplace, decrease stress, increase staff morale and reduce absenteeism, as well as attracting and retaining employees of a higher standard. With a recent study showing that employees in Britain are working below peak productivity, preventative benefits can ensure you address potential health issues or causes of stress at their source and ensure productivity in the workplace remains at an optimum level. With this in mind, how are you using preventative benefits to help keep your workforce happy and healthy?


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