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Government falls short of protecting consumers

The Consumers&#39 Association is warning that unless the government protects consumers from the “mis-leading and confusing information provided by mainstream lenders”, consumers will remain open to credit traps and unscrupulous lending practices.

The warning comes on the back of the CA&#39s response to the government&#39s consumer credit white paper in which the CA has made a number of recommendations including requiring all lenders to show the APR (Annual Percentage Rate) in all their advertising of credit products. The CA believes if this does not happen it leaves many consumers at risk of purchasing credit products that are more expensive than they appear.

CA senior policy advisor Laurence Baxter says: “The Government needs to address the escalating levels of consumer debt by banning early settlement fees once and for all. These fees tie consumers into expensive deals and discourage them from switching.”


Fee income is essential to build strong business

I read Martyn Parfect&#39s letter on trail commission with great interest as I find it incongruous in this day and age that there are still IFA practices which continue to cling to the wreckage of commission-based advice (Money Marketing, February 26). Over the last few years, we have seen the traditional model under threat. Commission […]

IFAs want better call centre staff – Aifa poll

More knowledgeable operators are what IFAs want most from their dealing with product providers according to the first Aifa IFA census. Asked what would be most helpful when contacting providers, 61 per cent of IFAs said they wanted more knowledgeable call centre staff, 55 per cent called for quicker access to information and 54 per […]

HSBC – Performance Plus Isa 25

Type: Capital-protected Toisa Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £3,000-£9.000 Term: Five years Guarantee: Original capital returned in full regardless of performance of index Return: Up to 100% growth at end of term Closing date: May 7, 2004 Commission: Initial 2% Tel: 0800 181890

NU caps lifetime penalty

Norwich Union is capping the early redemption charges on its lifetime mortgage, bowing to pressure from IFAs and mortgage brokers. The product was criticised last year by IFAs who said the uncapped mark-to-market ERCs were unacceptable because they are linked to long-term gilt yields so if interest rates go down, the ERC could exceed the […]


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