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Genesis clashes with lenders over contracts sent days before M-Day

Genesis mortgage network has blasted lenders for sending out complex legal contracts just days before M-Day.

Business development director Nigel Gardner Gardner says legal contracts were sent to Genesis only three days before M-Day, with pressure from lenders for them to be signed and sent back for the start of regulation.

Gardner says all packagers and lenders have had to revise packaging agreements but a big proportion of them have simply left it too late. The consequence is likely to be that business cannot be conducted with lenders until contracts are returned.

Genesis is also concer-ned that it and other firms have not received appointed representative numbers from the FSA, even though all the network’s ARs have been through induction, training and compliance.

Gardner says: “The contracts are with our legal dep-artment and we will do our best to get through them. But lenders wanted them to be signed off by November 1. This is a big issue but it is outside our control.”


Protection Edge: Jason King

Protection has long been regarded as the poor relation of financial planning. Undervalued by providers and advisers alike in the scramble for market share of pensions and investments to get at funds under management. It is, therefore, unsurprising then that consumers also undervalue protection and that there is an estimated 2.2tn protection gap in the UK.

Tories plotting a revolution

The Tories want to revolutionise retail regulation – their plans amount not to reform but to FSA Mark II.

Under Shadow Chancellor Oliver Letwin’s plans, retail investors and savers would get the information they need to make informed decisions but they would not have a system of regulation that sought to minimise their risk when investing.

SPML launches new fixed rate on its light averse range

Southern Pacific Mortgage Limited has announced the launch of new fixed rates on its current light adverse range, for full status applications only. The fixed rates start from 6.54 per cent. Existing fixed rate periods on other product ranges have also been extended. Fixed rates from 5.50 per cent on the SPML prime range have […]


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