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FSA cautions advisers over equity-release commitment

The FSA says intermediary firms should stay out of the equity-release market if they cannot commit significant resources to back a push into this area.

Speaking at the Mortgage Business Expo, retail distribution and mortgage team manager Sonja Dullaway said: “Firms must go into the market and commit to doing it properly or stay out and refer their business to those who have.”

Norwich Union head of marketing for post-retirement products Elizabeth Boardall said it is not only big firms with considerable resources that can enter the market. She said: “We work with IFA firms of all sizes, including the very smallest who may only do a few cases a year.”

Safe Home Income Plans said earlier this year that its members will only deal with advisers who have passed the Chartered Insurance Institute’s lifetime mortgage exam from August 1.


Abroad view

It is reported that a large proportion of funds in the Investment Management Association’s UK equity income sector are failing to meet the minimum yield target of 110 per cent of the FTSE All Share index. This is a consequence of the shrinking universe of firms with above-average yields.

Fidelity special sits succession

Chris Salih focuses on some of the main funds competing in the special sits sector and examines how their managers are rated by investment advisers.

‘Personal accounts a recipe for conflict’

The Association of British Insurers says the Government is failing to live up to its promise that pension personal accounts will not compete with existing provision.At the Institute of Economic Affairs’ conference in London last week, ABI director general Stephen Haddrill said the Government’s scheme contained several major failings which must be addressed.He said the […]

Multi-managers are wary of fixed interest

A number of leading multi-managers are becoming increasingly bearish about fixed interest and are favouring cash holdings in their cautious managed portfolios.Cautious managed funds can hold up to 60 per cent in equities with the balance held in cash and bonds.Gartmore has reduced its fixed-interest weighting to 21 per cent with deputy head of multi-manager […]


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