View more on these topics

Cable calls for backdating lifetime rules

LibDem Shadow Chancellor Vince Cable has called for home-reversion regulation to be backdated to M-Day or at the very least the point at which the legislation reached Parliament.

Cable is is calling on the Government to rush through the regulations to avoid a gap in consumer protection.

Regulation is scheduled to come into force in 2007 and Treasury Financial Secretary John Healey said this timetable, which includes a 12-week Treasury consultation and six months for the FSA to draw up and consult on the rules, followed by firms applying for permission to sell the plans, needs to be heeded.

Healey said the issue of backdating regulation would be explored by the FSA when it draws up the rules.

Cable asked Healey for clarification on how lifetime mortgage rules would protect consumers from falling into negative equity.

He also asked if the Treasury, in conjunction with the Department for Work and Pensions, would publish a note describing the relationship between the benefit system and equity release, particu- larly regarding means-test- ing, and whether there is a need for reform.

Cable said: “It would give confidence to people in the industry and borrowers, if the Government gives assurance that the protection provided by the new regulation could be backdated.”

Healey said: “Specific matters will be settled during the period when secondary legislation is being made and, in particular, when the FSA draws up proposals for the detailed rules.”


Deutsche unveils lending arm

Deutsche Bank has announced its new mortgage lending arm to launch later this year will be called db mortgages.It did not reveal a precise launch date but confirmed its range of products will include sub prime, buy to let and self certification mortgagesDeutsche also confirmed the team to front the start-up will be the ex-TMB […]

Correspondent’s week

This week by freelance personal finance journalist Dido Sandler

Workers may strike over retirement age

Unions representing 1.5 million local council workers are to ballot for strike action over plans to raise their retirement age from 60 to 65. These workers were excluded from DTI Secretary Alan Johnson’s deal with other public sector workers.

Plain accolade for IFAP guide

IFA Promotion has been awarded a Plain English Campaign Award for its consumer guide Financial advice: The buzzword is independent. The guide, aimed to clear up any confusion surrounding financial advice after depolarisation, topped the 2005 Plain English category as one of the years clearest documents.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm