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Euro rules threaten flexi loans

“Paternalistic” European Commission proposals pose a death threat to flexible mortgages, warns the Council of Mortgage Lenders.

At the CML Scotland annual conference, director general Michael Coogan said the EU&#39s proposal for a new consumer credit directive places such onerous restrictions on flexible mortgages that lenders would either be forced to stop offering them or they would become too expensive for UK borrowers.

The directive, published last week, would prevent consumers drawing down credit without making a new application, said Coogan.

Although the directive does not cover purchase loans, Coogan said this is “scant consolation” when remortgages, which make up 30 per cent of the UK market, and equity release fall under its scope.

He said: “The Commission&#39s proposal is paternalistic in the extreme. How insulting for the generality of European consumers who would prefer to be empowered rather than nannied by regulators.”

Prudential national mortgage manager John Malone says: “Our market is far more developed, with a greater product range than other parts of Europe. Flexible mortgages are a godsend for borrowers who have endowments as they are one way of reducing debt.”


DBS members face PI threat &#39to the grave&#39

DBS members are enraged after the network withdrew professional indemnity run-off cover for ex-members, saying the advice they give now will “follow them to the grave”.Although DBS&#39 new PI policy started on August 1, members of the Misys network were not told that run-off cover had been withdrawn until five weeks later in a group […]

Exchange deal with trio to look at multi-tie hub

The Exchange has signed a deal with three product providers to look at extending its offering to incorporate a multi-tie technology hub.In its interim results published last week, The Exchange parent Marlborough Stirling said it was in the initial phase of a project to extend the portal&#39s capabilities with AMP, Axa Sun Life and Standard […]

Zurich life

The headline highlighting the Zurich results, Zurich shifts to general insurance (Money Marketing, September 12) is incorrect.Instead, as the article went on to state, Zurich Financial Services has taken steps to refocus its efforts on core business activities – life and general insurance.Our commitment to the life market remains stronger than ever and 2003 holds […]

Collins Stewart builds onshore

Collins Stewart is aiming to establish an onshore track record with the Collins Stewart growth fund, an Oeic fund of funds.The fund invests in between 15 and 20 externally managed funds and is benchmarked against the FTSE Association of Private Client Investment Managers and Stockbrokers (APCIMS) growth index. It will diversify across bond and equity […]

US election

Capital Market Notes, November 2016 David Lafferty, chief market strategist at Natixis Global Asset Management, looks at the impact on markets and portfolios since the somewhat surprising outcome of the US election. Click here


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