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Euro concerns emerging

Fears are growing that the European Union consumer credit directive will damage the UK&#39s lucrative flexible mortgage market.

The State of the IFA Nation poll found 57 per cent of IFAs believe the directive poses a serious threat to the flexible mortgage market in the UK and 67 per cent of this group believe a European super-regulator will cover the entire market within five years.

Their concerns are backed by the Council of Mortgage lenders, which is lobbying the European parliament to change the current legislation, which would severely restrict the UK flexible loans market.

It would require lenders to provide advice for customers every time they take out credit agreements, restricting the client&#39s ability to borrow within agreed limits. It would cover all areas of consumer spending, not just homeloans.

The CML has warned that the plans could jeopardise UK reforms and bring regulatory chaos.

Independent mortgage expert John Malone says: “The CML really came out with some headlines highlighting the potential importance of the directive and this has clearly hit home with advisers. We have such a mature mortgage market in this country that this is obviously going to pose a problem. But flexible mortgages will be the market of the future, with far more advice opportunities opening up.”



“No. Because I am going to leave that to Aifa,of which I am a member.”Dhiraj Shah, Glebe Portman & Co“No. I have just done the Cemap exam and it just seems there is one thing after another. I don&#39t think anything I do will make any difference to what they decide.”Marcus Orpen, Mountbatten Financial“No. We […]

Free switches into SG tech fund

SG Asset Management is offering investors free switches into its SocGen technology fund to mark the fund&#39s fifth anniversary on May 22. The offer, which comes as SG predicts further rationalisation in the tech sector, applies both to direct investments and Isa/Pep transfers. Following the discount period, the initial charge reverts back to 5.25 per […]

Hargreaves Lansdown is moving over to fees

Hargreaves Lansdown, the UK&#39s biggest investment IFA, is switching from commission-based advice to become a predominantly fee-only advisory firm in a move it says is essential to its survival.Following the recent consolidation of its advice arms, the company is restructuring the merged financial practitioner business to enable it to conduct at least 80 per cent […]

IFAs must join brand band

What have fizzy drinks, light bulbs, hamburgers and expensive cars all got in common? They all use branding to sell more of their products at higher prices. This simple fact of commercial life has important implications for IFAs.A recent survey by brand consultant Inter-brand and JP Morgan concluded that the top three brands in the […]

What are the key changes to transform pensions?

By Fiona Tait, pensions specialist In her final article for Royal London, Fiona Tait reviews key changes she believes have transformed, or will transform, pensions. In my 12 years with Royal London I have been paid to review, study and explain the numerous changes to pension legislation which have transformed our industry in that time. This is […]


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