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GMAC-RFC launches new non-conforming mortgage range

GMAC-RFC has announced new rates for non-conforming mortgages, starting at 5.24 per cent.

The range of discounted and fixed rates are available on a status or self cert basis and were designed after research found that borrowers have a wide range of varying levels of adverse credit.

GMAC-RFC head of marketing services Jeff Knight says: “One thing we found in our research was that the majority of non-conforming borrowers had just minor levels of adverse credit. These new rates are designed with the needs of such borrowers in mind and are very close to mainstream rates, allowing intermediaries to punch their true weight.”


FSA warns on provider incentives to IFAs

The FSA is warning financial services companies against given hidden sweeteners to IFAs to secure business relationships. FSA chief executive John Tiner told the Treasury select committee that the regulator has written to chief executives of UK product providers telling them that any payments to IFAs must be clear, open and transparent.

Isis off the mark with property trust 2

Isis Asset Management has created a second Isis property trust, a Guernsey-based closed-ended fund which aims for income and growth by investing in a portfolio of UK commercial property. The fund will initially invest in a portfolio of 38 freehold and leasehold properties that Isis has managed for the last three years and has a […]

Kleinwort Benson actively manages structured product

Kleinwort Benson Private Bank is offering IFAs a capital-protected fund linked to a basket of 16 actively managed funds chosen through its fund selection service, elite. Elite rotator provides a choice of 100 per cent or 80 per cent capital protection. Protecting 100 per cent of capital will provide 100 per cent of the growth […]

Survey says employment law is holding back firms

Independent advisers believe that employment legislation is holding back the growth and productivity of their businesses. A survey by employment law firm Peninsula shows that red tape is the biggest gripe of 84 per cent of the 553 respondents while 93 per cent say an employment tribunal payout could financially damage them to the point […]

What triggers the MPAA?

Jim Grant – Senior Product Insight & Technical Support Analyst There’s sometimes confusion around what triggers the money purchase annual allowance. Find out what does and what doesn’t trigger the MPAA. The money purchase annual allowance (MPAA) is a reduced annual allowance that can apply to contributions to defined contribution (DC) schemes. The following table […]


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