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Endowments valued at market for complaints

The FSA says endowments can be valued according to their market value rather than surrender value in its final guidance on mortgage endowment complaints.

The regulator has also confirmed that IFAs can take into account the issue of lower outgoings on an endowment mortgage but must be calculated on an individual basis.

Despite issuing this final guidance, the FSA accepts it will have to issue supplementary guidance on the thorny issue of how to take windfall payments into account when calculating redress as it is awaiting the outcome of a High Court test case due to take place in July.


Halifax using Midshires for sub-prime launch

Halifax is set to enter the sub-prime market this year through specialist lending arm Birmingham Mid-shires in a move it claims will “shake up” the mortgage market. Midshires head of lending Michael Bolton says it will launch into the adv-erse-credit sector in the autumn with a range of products which will “redefine the pricing structure […]

Reasons to be cheerful

Two of the fundamental principles on which life products are based will be overhauled when the FSA reviews with-profits. The regulator will look at the concepts of policyholders&#39 reasonable expectations and financial strength as it moves to address some of the bigger financial services issues to hit the headlines over the last year. The definition […]

Tories&#39 tax axe is a persuasive weapon

Coming to the end of the second week of campaigning, what have been the most prominent issues to emerge thus far? Tax? Spending? Health? Education? No, the biggest story to emerge was the marvellous left hook of John Prescott in response to a thrown egg – perhaps the biggest over-reaction seen to date by a […]

Collins Stewart fishes for blue chips

Collins Stewart has unveiled a split capital investment trust that invests in UK large-caps.The blue chip value and income fund is a Guernsey-based investment trust that consists of ordinary shares and zero-dividend preference shares with a redemption yield of 8.75 per cent a year. It has a planned life of six years and this will […]

A guide to automatic re-enrolment

Since the introduction of auto-enrolment in 2012, it has been a popular topic in the press. Recent media focus has been geared towards small and micro employers; however attention is set to return to the UK’s largest businesses as they prepare for re-enrolment. Johnson Fleming has produced a useful guide that provides essential information to help you […]


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