Plans for a data-sharing service to help lenders with the consumer debt crisis have been scaled back after failing to achieve industrywide support.The Personal Credit Dashboard initiative was devised by Apacs, a trade body for payment services. It was initially designed to enable the Council of Mortgage Lenders, the British Bankers’ Association and the Finance and Leasing Association to share data on debt trends and pass this on to their members. Plans are being finalised in behind-the-scenes talks but documents seen by Money Marketing and verified by Apacs show that the BBA and the FLA are unwilling to participate in full so the scheme will only share publicly available data. Apacs says the Personal Credit Dashboard will provide an overview of debt statistics to allow mortgage, loan and credit card firms to tweak their underwriting systems to reflect changing debt characteristics. Apacs spokeswoman Sandra Quinn says: “We were keen to use data not in the public domain but we are aware it is being scaled back now.” Brokers say rising repossessions due to the growth in the specialist market, where borrowers are more likely to default, is partly due to increasing levels of unsecured debt. Hamptons International Mortgages managing director Kevin Duffy says: “The availability of unsecured credit is undermining the secured side.”
HBOS will make its push into the equity-release market through either its Halifax or Bank of Scotland brands, says intermediaries managing director Nigel Stockton. The giant lender had been widely expected to offer products through its specialist brands of BM Solutions or The Mortgage Business. But the bank has delivered a blow to the equity-release […]
One of the most successful fund-raisers of venture capital trusts over the last two years has been Octopus Asset Management, raising more than 100m for its Eclipse VCTs. However, being successful at fundraising does not necessarily equate to success at investment – just look at the Murray VCTs of the late 1990’s for example. Rather […]
Way Group has set up an estate planning vehicle that it claims will allow policyholders to safeguard unlim ited funds from inheritance tax. The Way estate transfer plan uses an absolute trust to hold funds for future beneficiaries so a gift qualifies as a potentially exempt transfer. The investor decides how much of the assets […]
I have heard a lot about the recent changes to the rules covering placing assets under trust. I have inherited a lump sum and want to know if it makes sense to use trusts to mitigate inheritance tax.
With volatility set to continue, Peter Saacke, manager of the Artemis Global Growth Fund, thinks stock-specific opportunities are on the rise.
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The Government should make it easier for advisers to sell products that blend income drawdown with insurance to meet future care costs, according to former pensions minister Steve Webb. A paper published today by Royal London calls on the Government to introduce policy changes which allow new products to be created that pay for long-term […]
Independent governance committees at big-name pension providers are failing to safeguard the interests of savers and the FCA must take action, fresh research finds. In 2015, the FCA required contract-based pension providers to appoint IGCs to act as champions of savers’ interests. IGCs are required to publish annual reports to increase transparency and encourage comparison […]
The FCA is reviewing the content of its pension transfer specialist examination standard in light of recent issues with pension transfer advice, Money Marketing understands. The regulator does not offer qualifications but it does have a role in setting standards for exams and publishes “appropriate examination standards” guidance. Money Marketing understands a working group, mostly […]