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FSA to review key facts documents

Speaking at the Council of Mortgage Lenders conference in London today, FSA managing director of retail services Clive Briault revealed the regulator has started to review some examples of Key Facts documents.

He said this is to assess how its new rules are being applied in practice, and said the initial focus has been on the major mortgage lenders.

Briault said: “The layout and clarity of most of these documents is good, and we welcome the efforts that these lenders have made. However, and as has been the subject of some discussion in the market, the length of these documents varies dramatically, from just over three pages to double figures.

“Of course, more complex products require greater explanation and thus a longer Key Facts document. But not all of the longer documents apply to more complex products. And the problem with length is that it discourages consumers from reading the document in the first place and tends to obscure the key elements of information within unnecessary detail. This is an area where “less is more” and we are discussing with some firms how they can achieve this.”


UK interest rate is held at 4.75 per cent

The Bank of England has today frozen the UK interest rate at 4.75 per cent.The rate hold was expected by most industry pundits and has been welcomed. It is thought this is the peak of the base rate and we will see cuts next year as long as the global economy does not provoke otherwise.Purely […]

High point

FRIENDS PROVIDENT INTERNATIONALZenithType: Unit-linked offshore bondAim: Growth and income by investing in a maximum of 10 funds from 31 fund management groupsMinimum investment: £10,000, $15,000, e15,000Fund links: Choice of 95 funds from Aberdeen, AHL, Barclays, Baring Asset Management, Brandeaux, Ciptadana, Circus Capital, Collins Stewart, Dresdner, Fidelity, Friends Provident International, Franklin Templeton, Gartmore, GAM, Glanmore, HSBC, […]

Zurich multi-tie signs up Scot Eq for pensions

Zurich Financial Services has signed a deal with Scottish Equitable for the supply of pension products through its new as yet unnamed multi-tie operation.The deal will see the entire Scottish Equitable range of pensions distributed through the new multi-tie, which is expected to comprise around 2,200 of Zurichs tied advisers. It is understood the multi-tie […]

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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