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Code trio setting up rival loan trade body

Three Mortgage Code Compliance Board directors are understood to be setting up a non-profit-making trade association for intermediaries to rival the proposed Nat-ional Association of Mortgage Brokers & Advisers.

Exchange FS managing director Jim Gaskin, Allied Dunbar franchise develop-ment director Dave Seviour and Mortgageforce managing director Rob Clifford are believed to be drumming up support among top brokers for the venture.

In a move likely to create tension between the two bodies, the as yet untitled association is believed to have pencilled in a September launch date – over three months before Namba is due to get off the ground in January.

The latest trade association could also benefit from a huge in-built membership if the directors were to involve the employees of their companies in the scheme.

Gaskin is understood to be lined up to take the reins initially as chairman, with Clifford and Seviour sitting as joint chief executives until elections are held among the membership for the main positions.

Clifford says: “I am not in a position to confirm any det-ails but I absolutely support the need for such a body to emerge as soon as possible.”


Eagle Star swoops on with-profits

Eagle Star has introduced a unitised with-profits bond that offers investors the choice of three charging options.The bond aims for income and growth by investing in a range of 12 unit-linked funds that include UK equity, European, North American, with-profits and property funds. It has a current annual bonus rate of 5.25 per cent and […]

Brokers foresee soaring specialist lending

Brokers expect specialist mortgage lending to rocket in popularity, according to the latest survey by the Intermediary Mortgage Lenders Association. Over 70 per cent of the 400 advisers in the poll said niche lending will become increasingly important to their business after seeing demand for non-mainstream mortgages shoot up over the past year. Flexible mortgages […]

ABI set to adopt Saltr standards on with-profits

All ABI members may be forced to adhere to Saltr standards on with-profits disclosure under the latest proposals on annual with-profits statements. The proposals, unveiled at an ABI with-profits workshop this week, may be introduced as either a code of best practice, a mandate for members or may be adopted by the FSA as part […]

Fighting fund appeal as court rules out windfalls

The High Court has ruled out the inclusion of windfall payments within pension review calculations in a decision that could cost the financial services industry at least £175m. The decision, which will also serve as a precedent for FSAVC and mortgage endowment compensation cases, must be accepted by the industry if money cannot be found […]


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