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Cat gets the bird for mortgages and Isas not as popular as Peps

Cat-standard mortgages have been voted a complete flop by IFAs in the

State of the IFA Nation poll of Money Marketing readers.

Ninety-two per cent of advisers said Cat-standard mortgages had not succeeded.

Isas have also been given the thumbs down, with 72 per cent of

res-pondents saying Isas have not been as successful as Peps.

IFAs are predicting a fall in the number of mortgage products on the

market as lenders offer the same deal to new and existing customers.

The research shows that 57 per cent of IFAs believe the range of

mortgage products will fall as a result of moves to give existing

customers better deals.

Seventy-four per cent expect more mid-sized lenders to follow in the

footsteps of players such as Bradford & Bingley and become mortgage


Demand for all-in-one mortgage accounts is high, with 71 per cent

saying clients are looking for these types of loans.

But nearly three-quarters (74 per cent) expect the number of IFAs

conducting mortgage busi-ness to fall when mort- gages become

regulated by the FSA.

Charcol senior technical manager Ray Boulger says: “Cat-standard

mortgages have been a flop. Nationwide have been the only provider to

make their whole range Cat-standard. Others have withdrawn theirs and

others do not market them because they are not competitive.

“Not many people need or want all the features that the Cat-standard

mortgages are required to give.”


Treves says he will not leave Equitable

Equitable Life chairman Vanni Treves says he has no plans to leave the society following the overwhelming backing of its compromise scheme by policyholders.Speaking at a press conference to announce the results of the vote, Treves indicated that he would stay on as chairman but said it depended on the Equitable&#39s members, the board and, […]

Gartmore going for the right blend

Gartmore has unveiled the Gartmore monthly income fund, a unit trustthat aims to produce income of 7.5 per cent a year.The fund will initially invest 70 per cent in high-yield bonds and 30per cent in investment-grade bonds, the aim being to balance highincome and the preservation of capital.The proportion of bonds within the portfolio can […]

DBS axes fees campaigner who planned to set up rival network

Mellon Global Investors is offering a European ethical tracker fundtargeted at the Catholic community.The fund tracks the ECapital European ethical index, which excludes arange of industries selected by the Vatican University such ascontraceptives, nuclear power and pornography.IFA Evan Owen has been kicked out of DBS for considering starting a rival.Wales-based sole trader Owen, who has […]

Coventry Building Society appoints finance director

Coventry Building Society has appointed David Stewart as its new finance director, a group chief executive of DBS until its acquisition by Misys last July. Stewart, 36, says his tasks in his new position include the continued need to promote the benefits of mutuality and use his financial services background to provide input on the […]

Certification guide

Guide: how to… certify your pension scheme

Certification is highly complex and surrounded by a minefield of information and auto-enrolment jargon, which can make it very difficult to understand. However, for many employers it is a necessary process that must be executed successfully.


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