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CML predicts &#39bidding&#39 war

The Council of Mortgage Lenders is claiming next week&#39s mortgage regulation announcements will lead to a regulations “bidding” war.

Economic secretary to the Treasury Melanie Johnson is set to announce the government will only regulate home loan advice, with the loans themselves to be covered by a voluntary standard.

The CML is concerned rivalries between the Treasury and the Department of Trade and Industry could spark off a “bidding war” to compete for who can implement the toughest regulation.

Council of Mortgage Lenders director-general Michael Coogan says: “I can&#39t be positive if they maintain two systems in parallel. It will be bad for consumers and bad for the industry if there are two departments bidding up the level of regulation.”


The Woolwich – Base Rate Tracker (inserted 24/1/2000)

Type: Bond guaranteed to pay rate of between 0.5% to 1% higher than the Bank of England Base Rate until July 1, 2000 and tracks base rate thereafter.Minimum – maximum investment: £500 – no maximum.Interest rates: 6.25% between £500 and £24,999, 6.5% between £25,000 and £49,999 and 6.75% for amounts higher than £50,000.Term: Until February […]

Pru strong as Egg grows

Prudential is reporting strong performance in its life and pensions figures, plus ongoing growth at internet bank Egg.Group-wide insurance and investment sales rocketed 61 per cent to £12.3bn in 1999, while total UK insurance and investment premiums also soared 61 per cent to £7.4bn.UK sales show an increase of 38 per cent and worldwide new […]

More pension funds raids expected

Lawyers are expecting more raids on pension scheme surpluses by employers as more common law courts support company&#39s claims.The forecast follows strike threats by Ford workers after a proposed merger of two company pension schemes lead to claims the company would then raid the £507m surplus to plug a separate deficit.The Ford example precedes a […]

Red face threat for Government

The Government faces embarrassment following the revelation a key part of its financial services bill relating to e-commerce may breach European e-commerce law. The financial services and markets bill makes it a criminal offence to for banks, fund managers and insurers based in other countries to promote services to UK consumers, unless they have been […]


Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.


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