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Dunbar is probed as it ditches packaged loans

The Mortgage Code Compliance Board and the CML are investigating Allied

Dunbar for its deselection of packaged mortgages even when they may be the

best buys.

The news follows a Money Marketing investigation into how products are

selected with mortgage-sourcing software, revealing a system of selection

which the MCCB says could open the door on “huge abuse”.

Dunbar&#39s mortgage-sourcing software Admas automatically deselects packaged

mortgages for quotations.

Franchisees are not ableto get quotes even if such products like Private

Label&#39s are listed as best buys on MoneyFacts.

Dunbar brokers who want to deal with these mortgages face huge obstacles

to write the business, including needing their own PI cover plus their own

MCCB registration.

To do business on packagers&#39 products, they have to leave Dunbar premises

and are banned from using Dunbar stationery in correspondence with the

lender or client.

MCCB chief executive Luke March says: “It&#39s a nonsense. It could lead to

serious abuse unless people are clear what the choice of products is and

how that choice is made.”

Private Label chairman Stephen Knight says: “I was aware Allied Dunbar

deselects products and this is their corporate right. But they need to tell

their customers and brokers in a meaningful way.”

But Dunbar senior external affairs consultant Sandra Paul says: “Our

guarantee protects consumers. The guarantee doesn&#39t spell out the

waymortgages are selected. We leave it to the adviser to make the status



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SPI and Aberdeen offer tech bond

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MCCB to probe big IFA firms&#39 mortgage sites

Investment manager Greig Middleton sponsored the Ladies Open ChampionshipHunter Chase Final at Uttoxeter last week. Director Stephen Clark says:“Point-to-point meetings offer tremendous entertainment in an informalsetting and reinforces our name in the private client and corporate financemarkets.”The Mortgage Code Compliance Board is planning to meet big IFA firms tocheck their websites and mortgage-sourcing software contain […]

Pass the portfolio

Over 10 per cent of the population will have significant private wealth by2005. These wealthy individuals are increasingly seeking the advice of IFAsand are also turning to private portfolio management.But relationships between investment management firms and IFAs have oftenbeen marred by a perceived conflict of interest. The two have seen eachother as direct competitors where […]

FAMR – a familiar response

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