GE Money Home Lending is considering dumping a portfolio of loans it services after Which? found discrepancies that could cost customers hundreds of thousands of pounds each.Which? found that a £269 legal fee on one mortgage sold in 1991 by Redfern Financial Services could turn into a £162,672 debt on top of the homeloan because of compound interest at a 29.2 per cent rate over the 25-year term. GE has written off that debt but it does not know how many similar loans there are. It has been administering Redfern loans since 2005 but says it is “reviewing this relationship” following the Which? complaint. GE spokesman Tom Wilson says: “We are investigating if there are any similar cases. As servicer, we have no control over Redfern’s lending policies.” Which? principal researcher Teresa Fritz says: “We have asked GE to confirm how many loans it runs with this charge and how it intends to let customers know.” GE was at the centre of controversy in August when it emerged that claim firm Loancheck has dozens of cases of alleged non-disclosure of commission against the firm and it will shortly seek compensation. Money Marketing highligh-ted two cases at the time and although GE said it would provide written proof that the commission was disclosed, six weeks later, it has failed to do so.
It is difficult to remember the world that existed before the introduction of credit cards in the UK. Barclays was the first and that was over 40 years ago.
Not long ago, many feared that the end was nigh for guaranteed-rate critical-illness insurance. However, in a dramatic turn of events, we now have very healthy provider support for this valuable product and Royal Liver is set to join this A list on October 23. This addition to its Progress product sees not only the […]
The line-up of fund managers for Skandia’s UK best ideas fund is now unveiled and it is time to see whether this galaxy of stars can shine as brightly as their awesome reputations suggest
Kensington has launched automated valuations and electronic identification as part of its K-net eCommerce platform.AVMs and e-IDs are free to brokers, but packagers are only entitled to free AVMs. They are available on remortgage applications submitted online for loans up to a maximum of £150,000 on properties worth up to £500,000, and with a maximum […]
Jelf Employee Benefits has given its initial thoughts on the chancellor’s 2014 Autumn Statement. The company is seeking to isolate the sections of the speech (and the supporting document) that are relevant to the employee benefits debate. The first such area is pensions related.
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
Fiducia managing director on ‘good old-fashioned’ customer service in the digital world Anthony Scott is adept in the art of communication. As an adviser and a novelist (he has written the novels ‘On Ashover Hill’ and ‘The Birthday Gift’) it is crucial for the Fiducia Group managing director to engage and build a rapport with […]
The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]