View more on these topics

Commission culture exacerbated endowment crisis

Labour MP John McFall has blamed the financial services industry&#39s commission culture for exacerbating the endowment crisis and has called for a “more positive engagement” from the industry in tackling the problems created by mortgage endowment shortfalls.

The Treasury select committee chairman has made the call following the publication of the committee&#39s report on restoring confidence in endowment mortgages.

The committee believes the problems associated with endowments could intensify until 2013, which is the peak year for endowment maturity, with the average shortfall of £5,500 likely to grow.

McFall says: “The evidence the committee has heard suggests this is an industry which is still dominated by a commission driven culture that focuses on short-term sales with insufficient appreciation of its long-term duty of care to its customers. This has played a significant role in undermining customer confidence in the industry.”


Personal Touch Insurance launches online conveyancing service

Personal Touch Insurance has launched an online conveyancing service, Personal Touch Conveyancing. The service is for intermediaries registered with PTI. PTI says it can save their clients up to 40 per cent on their conveyancing bills and for every completion the intermediary will earn a £50 fee. The service is provided in partnership with the […]

Downing Corporate Finance – Nu Nu

Type: Enterprise investment scheme Aim: Growth by investing in children&#39s day nurseries in the UK Minimum investment: Lump sum £2,500 Closing date: April 5, 2004 for 2003/2004 tax year, July 30, 2004 for 2004/2005 tax year Charges: Initial 6.5% Commission: Initial 2.5% Tel: 020 74114700

Practitioner panel starts to assess FSA&#39s performance

The Financial Services Practitioner Panel is launching the first stage of its biennial survey of regulated firms, which aims to assess the performance of the FSA. The panel says that, in the past, results from the survey have been taken on board by the FSA and had a considerable impact on the regulator&#39s policy decision […]

Fidelity Investments wins fund group of the year

The 2004 Lipper Fund Awards Ceremony saw five fund management companies receiving awards in six categories. Fidelity Investments won best overall group and best bond group. Marlborough Fund Managers won best overall equity group, and Merrill Lynch Investment Managers won best UK equity group. Newton Fund Managers won best non UK equity group, and Investec […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm