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Central line

The correct target for the mortgage industry’s ire should be the Chancellor and the Governor of the Bank of England, not HBOS, Nationwide or even HSBC, whether their short-term actions are good or bad, fair or unfair.

The only institutions which can kickstart funding for lending are central banks. The system needs more money injected into it and a more flexible approach to what assets can be used as collateral by banks borrowing from the BoE. Banks may then start to trust each other. Suggestions by the Chancellor that the Government has already done its bit shows how little the Government understands the situation. The Government and Bank of England’s paralysis begins to resemble the inaction over Northern Rock.

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Having been hit by the retail distribution review, treating customers fairly, the credit crunch and Budget tax changes, IFAs face a host of challenges. This is especially true if you are an investment specialist.

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