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Consumer Credit regulation could be expensive for all

Datamonitor is warning one of the effects of the overhaul of the UK&#39s consumer credit laws could be higher cost of credit and greater difficulty in obtaining credit for those consumers with adverse credit histories.

It says a tight implementation schedule, lack of adequate preparation, fears of increased bureaucracy and cost of compliance present a major worry for the credit industry, and could even end up driving smaller specialist lenders out of business all together, leaving room for more unscrupulous providers.

Datamonitor financial analyst Oksana Selezeneva says: “Consumers with adverse credit histories could potentially be faced with higher cost of credit and less protection. It is also likely that mainstream providers will attempt to compensate for lost revenue streams and additional expenses in relation to compliance efforts and pass some of the costs to their clients”


Kenmir in challenge on charges

It is not FSA policy to tell IFA firms how much they can charge in fees, according to FSA managing director David Kenmir, who says it is up to the market to determine what advisers can charge. In response to reports that an FSA supervisory visit had resulted in an IFA being told that £150 […]

Try, try, Triton again

The Diary hears that naming Abbey&#39s racing yacht proved to be far from plain sailing for Park Row PR Jo Smith. As she uttered the immortal words:”I name this ship…”, she hoped it would bring her one step closer to a royal title. All that was missing was the turquoise hat and handbag. But the […]

Headdon escapes lifetime ban

The FSA has stepped back from its threat to ban former Equitable Life chief executive and appointed actuary Chris Headdon for life and has banned him for six years. Headdon is now excluded from holding senior roles in financial services companies until May 2010. The move has been condemned by Equitable Members&#39 Action Group chairman […]

Nationwide bond pays fixed rate of 6%

Nationwide is offering a two-year fixed-rate bond that pays 6 per cent on lump sum deposits up to a maximum of £5,000. Customers can take a monthly income option on Nationwide&#39s member&#39s summer bond that pays 5.8 per cent gross monthly. The product is only available to Nationwide members who have held a personal membership […]

Trusts: Easier than you think?

Protection providers often extol the benefits of placing plans in trust. The advantages for clients are widely recognised and numerous – inheritance tax mitigation, avoiding probate delay, controlling claim proceeds, and so the long, familiar list continues. Yet, dismissed as unnecessary form-filling, or simply viewed as irrelevant in the context of a mortgage sale, less […]


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