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EC due to adopt selling directive

The long-awaited draft distance selling directive is due to be adopted by the European Commission this week. It will seek to regulate sales of financial services products by phone and over the internet and could stipulate a minimum cooling-off period of 14 days. Life offices are expected to have to make few adjustments as they already operate under tight regulations. But the move could add an extra regulatory burden to mortgage lenders. There is also concern that a previous draft which appeared in the spring cuts across existing UK regulations.

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MCRI threatens &#39ban&#39 on unlicensed firms

The Mortgage Code Register of Intermediaries is attacking IFAs for the first time with a threat to deregister 120 firms if they fail to prove they hold a consumer credit licence.A valid consumer credit licence is a requirement of membership of the MCRI. If deregistered, a broker would not be able to place business with […]

EFM cautiously adds to portfolio

Edinburgh Fund Managers is signalling that the stock market has reached levels where it will consider adding to its portfolio rather than reducing its exposure.The fund manager says that it remains neutral on UK equity but it believes that bond yields will continue to support the market. It believes market priced less than 4800 would […]

SPI offers bonus to promote phased switching

Scottish Provident International is offering an immediate bonus worth at least £250 on all investments over £25,000 into its International Investment Portfolio. It believes that the phased switching allowed within the Portfolio suits current market conditions.The International Investment Portfolio allows the transfer of funds initially invested into cash funds to be transferred into a choice […]

Scot Eq&#39s Ritchie hits the road again

Scottish Equitable is to hit the road again in November with a series of IFA pension roadshows at venues across the country.The roadshow will be hosted by the life office&#39s pensions development director Stuart Ritchie and pensions development manager Steven Cameron.The roadshow will examine pension sharing on divorce, income drawdown, the Department of Social Security […]

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