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Enable network offers free PI deal

Enable Mortgage and Insurance Network says it will not charge its network members extra for offering professional indemnity insurance cover as part of its intermediary package.

The network, owned by Skipton Financial Services subsidiary Direct Life & Pensions, will charge just a £500 excess on any claims made on the insurance scheme, significantly undercutting rivals.

It also says it will cover fees payable to the Financial Ombudsman, a package which it says makes it one of the most affordable deals to brokers in the marketplace. The network is using the lure of free PI and affordable excesses to attract mortgage and protection brokers trawling the marketplace for a principal in advance of regulation.

Enable managing director Michael Ward says: “You only have to look at recent reports that one of the biggest IFA networks in the country is offering its members a PI policy that carries excesses of £2,500 for mortgage business and £3,000 for what is currently non-regulated protection business to appreciate how good this is for our members.”

Sesame member PMI IFA director John Stewart says: “This seems too good to be true. I wonder what they are charging in terms of network fees. PI has to be paid for somehow and as we know, nothing in life is free.”


Spouse approval is urged for single-life annuities

Spouses could be forced to get written consent from their partners before buying single-life annuities under a rule change called for by the Equal Opportunities Commission and Age Concern. An EOC-sponsored amendment to the Pensions Bill was withdrawn by Labour MP Vera Baird last week after the Government said it would look at ways of […]

Product matters

The introduction of CPPI to funds is slowly taking off as providers look for a modern version of with-profits. Friends Provident is the latest provider to launch a fund using this protection tool through its Stewardship fund. This fund is available through its investment bond wrapper and offers investors exposure to the Stewardship fund while […]

M2 Financial sets up dedicated loan arm

IFA M2 Financial is to launch dedicated mortgage arm M2 Financial Mortgages. The new division, which aims to complement its expanding financial advisory service, will be headed by founder and managing director Mark Howard and operations director Chris Regan. Day-to-day running will be carried out by Stuart Johnstone, who will develop the business in line […]

Paragon closes £900m securitisation

Paragon has completed its largest securitisation to date, a financing totalling £900 million backed by prime buy-to-let mortgages. This is the first time Paragon has included loans originated by Mortgage Trust in a securitisation. Finance director Nick Keen says: “This transaction continues the development of the Group&#39s securitisation programme, bringing the Paragon name again to […]


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