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Direct Line pull out of mortgage market until M-day

Royal Bank of Scotland subsidiary Direct Line is the first lender to pull out of the mortgage market temporarily in the run up to mortgage regulation.

The FSA requires lenders to lay out &#39key facts information&#39 uniformly so that easy comparisons between lenders can be made. This will come into effect on M-day (October 31) and the firm says its current computer system cannot cope with the demand.

Direct Line PR manager Lesley Ferguson says: “It seemed unfair for a customer to start their mortgage on our old computer system and then to change it soon afterwards. We thought it was more prudent to call a temporary pause, clear out the pipeline and then be in a position to offer customers our new system come M-day.”


PruFund clears with-profits fog

The PruFund investment plan is a single premium with-profits investment plan with a choice of two funds. The PruFund growth fund aims for growth by investing in global equities, property, corporate bonds, alternative assets such as convertible bonds and hedge funds, and cash. The PruFund growth and income fund invests in the same asset classes […]

Dual deal for Charcol firms unites top IFAs

John Scott & Partners is bringing together several of the country&#39s highest-profile IFAs with the purchase of Bradford & Bingley subsidiaries Charcol Holden Meehan and Charcol Aitchison & Colegrave . The deal will see CHM director Amanda Davidson and CA&C chief executive Brian Aitchison joining forces with Charcol Online founder Toby Strauss, who is now […]

A Consumer&#39s View

Nobody is certain how many homebuyers still have their mortgage interest calculated annually but the CML reckons it is around two million homebuyers. Although the banks, which calculate interest daily, are now the major players in terms of new business, the small and medium-sized building societies, which traditionally calculate interest annually, still account for a […]

Standard severs its technical helplines

Standard Life has pulled the pulled the plug on its pension technical helpline for IFAs. The phone support is being replaced by an electronic newsletter which will cover technical details. Standard says an e-newsletter is a more effective way of reaching IFAs. IFAs will still be able to raise technical matters in face-to-face meetings with […]


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