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Delay over mortgage regulation

The Council of Mortgage Lenders has warned members that statutory FSA regulation of mortgages is likely to be introduced by September 2004 at the earliest, rather than the second quarter of 2004 as originally planned.

The CML says this is because of delays in implementing the EU insurance intermediary directive forcing the Treasury and FSA to push back its target dates.

The Directive is now more likely to be adopted in September this year not July.


American Express launches seven new funds

American Express Bank is launching seven new global sector investment funds in the UK as part of its European expansion plans.The new additions – including the Global Emerging Markets, Global Healthcare Equities and California Equities funds – have been designed to offer investors access to global sector funds that are not limited to specific countries […]

&#39Unmarried parents missing IHT saving&#39

IFAs are ignoring an inheritance tax saving solution for unmarried parents because they think it is only available to married people, according to Chancery Law Group.Use of the nil-rate band discretionary will trust, which allows both parents to pass on the benefit of their £250,000 IHT allowance to their children, has been common between spouses.But […]

Highest ever compensation award for breach of mortgage code

An intermediary is being ordered by the Mortgage Code Compliance Board to pay compensation of £66,300 to a client, the biggest ever pay-out to date for a breach of the mortgage code. The MCCB has not named the broker who the mortgage code arbitration scheme says did not give suitable advice or exercise due care […]

Two more splits hit bottom

The board of Aberdeen Asset Management&#39s high income split cap investment trust called in the receivers this week and another, the Yeoman Investment Trust suspended its shares as the outlook for the sector continued to worsen. High income along with the Aberdeen leveraged income suspended its shares on July 18, and is now unlikely to […]


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