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FSA outlines further details on home reversion regulation

The FSA has published details of the authorisation process for firms that need to apply to be regulated for home reversions and Islamic mortgages.

The FSA will open its doors to applications from November 6, 2006, in anticipation of the new regimes starting on April 6, 2007.

Firms are encouraged to apply as soon as possible in November to ensure that their applications are dealt with in time. After April 6, 2007, when the new regimes start, it will be illegal for any firm that is not FSA authorised or an appointed pepresentative of an authorised firm to carry on home reversion or Ijara home finance business.

Head of the FSA’s authorisation department Roger Hillyer says: “Details of the authorisation process are published today to help firms apply for the new regulated activities which are just round the corner. All firms should act soon to ensure that they are ready in time.”


NAPF wants to stop schemes levelling down

The National Association of Pension Funds has attacked both the industry and pension commission’s models for personal accounts and warned the Government that the scheme could severely hit existing pensions if it is designed poorly. In its submission on the Pensions White Paper, the NAPF says both models fail to achieve the best solution with […]

Scot Wids launches offset mortgage

Scottish Widows Bank has launched a two year fixed rate offset mortgage product enabling customers to offset against a fixed rate until October 31 2008.The option to offset was previously only available to customers on a variable, tracker or discounted product.The rates will be 5.45 per cent for up to 95 per cent and 5.99 […]


Edeus chief executive Michael Bolton is known by most of the mortgage broking market as a successful pioneer and as an outspoken character. But not many know him as a hologramuntil now. At the Edeus launch last week, both he and managing director Alan Cleary explained the virtues of their new lender not in person […]

This week in Regulation

Aifa’s call for the introduction of limited or focused advice on specific product areas has been welcomed by many in the industry as long as important caveats are established.


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