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CML and MCRI condemn Consumers&#39 Association for premature accusations

The Council of Mortgage Lenders and Mortgage Council Register of Intermediaries have hit out at the Consumer Association for being premature in branding the mortgage code a failure.

They say the voluntary code which was launched in July 1997 has not been in operation long enough to be judged a success or failure.

They say the code needs time to work out a compliance strategy and are waiting for the results of the Better Regulation Task Force which is due in July 1999 before implementing regulatory changes.

CML director Michael Coogan says: &#34We are making progress all the time and believe that the voluntary code is more flexible than regulation to adapt to changes.&#34

MCRI director David Thompson says: &#34How can the Consumer Association say the code has failed when it was only set up for intermediaries in April of this year.

We are however responding to their demands to toughen up sanctions which will hopefully be put in place by April 1999.&#34


EFM offers children&#39s option on investment trust

Edinburgh Fund Managers is launching an investment trust savings plan with an option that allow parents to invest for their children.InvestIT has a &#39Saving for Children&#39 option which provides parents or grandparents with a flexible lump sum or monthly savings option to build a sum of money for the future.EFM says the option has lower […]

Barclays rolls out fixed rate range under 7 per cent

Barclays says it is launching a range of fixed-rate mortgages all of which are under seven per cent in interest in response to continuing consumer demand.The lender says the majority of its new business in the last six months has been fixed-rate.It says that none of the products in the range have extended early repayment […]


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