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Cable drops call for FSA supervision of buy to let

LibDem Shadow Chancellor Vince Cable has ended his campaign for regulation of buy-to-let mortgages but warns that amendments to the Regulation of Financial Services Bill are still needed to protect consumers.

Cable says, after industry consultation, he now accepts the Government’s argument that regulation of buy to let is not appropriate.

But he says the Bill should be enlarged to cover property investment clubs to stop regulatory arbitrage and back up the work of the Department of Trade and Industry to crack down on such schemes.

Treasury economic secretary Ivan Lewis says the FSA is considering these concerns and will take appropriate action if necessary.

Cable also says legislative changes should be made to the Bill regarding Ijara mortgages, used by Muslims. He says consumers are left without adequate legal protection as the lender remains the property owner while the mortgagee is a tenant.

Cable says: “It is my understanding people using the buy-to-let market know the complexities involved and it is not in itself a financial product. But regulation is required for property investment clubs and legislative changes could be made regarding Ijara mortgages. The Bill now goes to the House of Lords, which will hopefully take these points on board.”


Pension bodies set out roles

The DWP, Pensions Regulator and the Pension Protection Fund have published a memorandum setting out the specific role of each body and how they will work together to improve pension security. The document separates responsibilities based on the four principles of clear accoun-tability, transparency, no duplication of workload and regular and appropriate inform- ation exchange. […]

Grey’s Locke in move to Aegon

Bright Grey communications manager Mark Locke is leaving to join Aegon’s pr team on August 10. Locke will continue to look after protection as well as employee benefits at Aegon, having been at the Edinburgh-based protection provider since April 2004.Locke says: “I am delighted to be moving to Aegon after an exciting year at Bright […]

Consuming passions

Shortly before David Severn stepped down as Aifa director-general, I met him for a quick chat, during which he told me what he thought the trade body’s priorities should be in the coming year.


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