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BSA agrees long-term fixed rates needs balanced approach

The BSA has welcomed the publication of the Professor Miles&#39 report into the UK Mortgage Market, which advocates a sensible and balanced approach to encouraging consumers to take out long-term fixed-rate mortgages.

In particular the BSA welcome the recommendation to lower the minimum non-member funding limit for building societies.

Professor Miles recognises that the UK mortgage market is innovative and dynamic but concludes that problems exist in the information and advice that borrowers receive, in the structure of mortgage pricing and in the funding of fixed-rate mortgages.

BSA director general Adrian Coles says: “Professor Miles has carried out a thorough review of the UK mortgage market and on the whole found it to be dynamic and competitive. The recommendations he makes to improve the market are sensible and considered.

“Customers need information in order to assess the risk of what is still a long-term financial commitment. Greater transparency and allowing all customers access to the same mortgages, whether they are new or existing borrowers, will mean greater choice. Customers should be aware of the risks of interest rate rises and the effect these can have on the affordability of their mortgage. By providing more information they will be able to make informed decisions.


Berry and Sesame slam BBB scheme

The retired founding director of Berry Birch & Noble Financial Services is concerned that Berkeley Berry Birch&#39s decision to dump the firm&#39s liabilities on the Financial Services Compensation Scheme will tarnish his reputation. BBN founder Derek Berry is joined by network giant Sesame in criticism of the FSA for approving the transfer of 150 advisers […]

Jupiter green guide faces up to big issues

Jupiter Asset Management is offering a free guide to green investment for investors who want to invest in companies that provide solutions to environmental problems. The guide will give investors further information on companies offering environmental solutions and how to invest. It provides examples of companies that Jupiter believes will get a competitive advantage by […]

Pink offers second regulation guide for intermediaries

Pink Home Loans has published a follow up guide to its initial regulation booklet entitled The Road to Regulation, aimed at supporting intermediaries.Called The Road Ahead, it outlines the main issues intermediaries need to consider when deciding on their regulatory future.Marketing manager Mark Howell says: “The first guide was very well received within the industry […]

No bells and whistles for Woolwich

OOLWICH PLAN MANAGERS Woolwich Capital Growth Plan Type: Guaranteed equity bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £3,000-£500.000 Isa £7,000 Term: Six years Return: 25% growth on initial investment or 50% growth in the FTSE 100 index Guarantee: Original capital returned in full regardless of performance of index […]

Guarantees in the retirement income market

Lorna Blyth, Royal London  Do guarantees benefit customers and, if so, when? To answer this conundrum we commissioned Millimans, a global actuarial consulting firm, to conduct an independent review of the UK retirement income market and whether guarantees really do offer customers better value for money. The brief The study was one of the most comprehensive undertaken […]


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