More than three-quarters of building society chief executives believe home information packs will have a negative impact and should be made voluntary, according to the Building Societies Association.The cost of producing a Hip is estimated to be as high as 1,000 and failure to produce a Hip will result in a fine. The BSA says that building society bosses believe Hips will add costs without any benefits and the number of properties for sale will reduce dramatically, creating a supply and demand imbalance which could have a knock-on effect on house prices which will make it even more difficult for first-time buyers to get on to the property ladder. It says making Hips voluntary would allow market forces to determine the demand for Hips and how they will operate. BSA director general Adrian Coles says: “With so much uncertainty among consumers and the industry over how Hips will work, it seems wrong that it will be an offence to seek to sell a house without a Hip. It is ridiculous that someone selling their home without a Hip will be punished by a fine. If people feel that Hips will be of benefit they will opt to have one without the need for compulsion.” Charcol senior technical manager Ray Boulger says: “If the scheme is made voluntary, I think it will flounder as I would have thought no more than 5 per cent of customers will want to buy Hips and most vendors will not think them value for money for their customers. The June 2007 deadline is looking increasingly unrealistic and making the scheme voluntary will allow the Government to save some face on an initiative which will add hundreds of millions of pounds to consumer costs.”
The white paper on pension reform does little for today’s retirees according to Alliance Trust Savings.Head of pensions Hyman Wolanski says: “The plan to restore the link between pensions and earnings from 2012 is a welcome step in the right direction while any move away from means-testing is a boost for those trying to plan […]
Bedlam Asset Management has brought out the Bedlam 200 fund, which aims to provide income and growth from a portfolio investing 50 per cent in UK equities and the remainder overseas.
The FSA fine imposed on former Millfield chief executive Paul Tebbutt could herald a wider clampdown on senior managers by the regulator’s enforcement division, says a specialist financial law firm. TLT Solicitors head of financial services regulation Philip Ryley says the FSA’s transition to principle-based regulation and its treating customers Fairly regime are leading to […]
Compass Underwriting and Assurant Solutions have launched a new web-based mortgage payment protection insurance that rewards loyalty through consumers’ no-claims history.The MPPI plan, MortgageRewards, promises customers a two-month premium payment holiday for every complete 12 month period without a claim. This reward repeats every year for the life of the policy.MortgageRewards is an age-rated monthly-premium […]
By Mark Martin, Manager of Neptune UK Mid Cap Fund
Rapid economic and income growth is leading to a dramatic shift in diet towards protein products right around the globe. UK companies such as Genus, the world’s largest livestock breeder, are benefiting from this increasing demand. Mark Martin, manager of the Neptune UK Mid Cap Fund, discusses this investment theme.
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The Financial Services Compensation Scheme has declared self-invested personal pension operators Stadia Trustees, Brooklands Trustees and Montpelier Pension Administration Services in default. The lifeboat fund has received around 150 claims for compensation relating to the three businesses. Those claims relate to how the businesses set up, operated and administered Sipps through which people invested in […]
The Department for Work and Pensions has confirmed it will not change the pensions triple lock and will explore bolstering the powers of The Pensions Regulator in the forthcoming legislative period. The DWP published its “single departmental plan” yesterday, which sets out five objectives it is working towards over the next four years. It has […]
Sam Seaton talks about how her interest in people affects her approach to technology