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Fears over negative equity pledge

The equity-release market has warned that products could lose their no negative equity guarantee under new rules.

In Retirement Services director Ged Hosty says rising rates on the back of changing capital-adequacy requirements could force providers to scrap the no negative equity guarantee, which would make products less attractive.

Many industry commentators fear that under the Basel II directive, equity-release products with a no negative equity guarantee may be considered an investment product rather than a residential mortgage product, meaning that the amounts placed in reserve would have to be increased, which will push up prices.

Hosty says: “If the cost of carrying a no negative equity guarantee is too high, the market may evolve to provide products without it.”


IFAs too tough as chasers switch to banks and PPI

Leading claim management companies are now turning down claims against IFAs as they believe they are unprofitable and are instead focusing on payment protection insurance and bank charges.Brunel Franklin director Ian Allison says the firm has decided it is not commercially viable to go after sales made through IFAs due to the time and expense […]

UnumProvident and Personal Group launch voluntary group IP plan

UnumProvident has linked up with employee benefit provider Personal Group, to market a new voluntary group income protection policy. The VGIP product has been designed to provide an affordable income protection solution for skilled and semi-skilled workers. It will be underwritten by UnumProvident but enrolment will be facilitated by Personal Group using their flexible benefit […]

St James’s Place profits from double margins

St James’s Place has received an outperform rating from leading City analysts after profits of 176m last year.The profit figures were up by 54 per cent on the previous year’s figure of 114.5m as new business leapt by 58 per cent from 221m to 349.1m.Analyst Cazenove gives the firm an outperform rating, saying the outlook […]

Adnitor’s glittering platform prizes

Standard Life picked up two awards at the Adnitor Platform Awards last week, winning the best overall platform provider and industry achievement for worksite pensions.Marketing director John Taylor says: “It is gratifying to win two awards, including best overall platform, because we have arrived in the market only recently.”The awards were presented in association with […]

Choose life…

Sarah Scott  – Marketing Consultant, Royal London  This month sees the return of Renton, Sickboy, Begbie and Spud in the sequel to the film Trainspotting. Just over 20 years later, we return to see exactly how life treated the characters whose lifestyle was less than ideal back in 1996. Did they choose a job, choose […]


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