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Government sticks to its guns over 1 per cent charge on stakeholder

The Government has dashed hopes of a compromise on the maximum 1 per cent charge for stakeholder pensions which would have made provision for advice.

The latest paper, which specifically addresses the advice issue, has been branded a fudge by the pensions industry.

The paper repeats the hardline stance, saying that people who want advice beyond the vaguely-defined &#39basic advice&#39 must pay a fee for it.

This line is backed by the newly appointed pensions minister Jeff Rooker in an interview with Money Marketing this week.

The move flies in the face of research which shows the income groups at which stakeholder is aimed who earn between £9,000 and £18,500 will not pay fees.

Rooker says: &#34Where advice charges are made it will have to be a fee which is totally transparent. Anyone using an IFA shouldn&#39t be materially disadvantaged by being fed a line which could be based on commission.

&#34There are people who say they can run these schemes including advice for 1 per cent.&#34


HMC launches fixed rate loans

The Household Mortgage Corporation has launched two fixed rate mortgages.The two year rate is fixed at 6.25 per cent, while the five year loan is fixed at 6.75 per cent. Alternatively for self-certified customers the rates are increased to 6.75 per cent and 7.25 per cent respectively.The lender has also announced it is cutting its […]

Mortgage Express offers loans over 100 per cent loan to value

Mortgage Express is offering loans of 100 per cent or more loan to value for borrowers without a deposit.The specialist lender estimates 6,000 people a month cannot afford the 5 per cent deposit normally needed to buy a house.It says for many people wanting to buy a house their main problem is trying to save […]

Exeter Investment Group appoints new chief exec

Fund managers Exeter Investment Group has appointed a Martin Kemp-Gee as its new chief executive.Kemp-Gee joins the group on September 1. He replace current chief executive Ian Henderson with effect from October 1.Kemp-Gee is currently a director of the Gerrard Group and has been the chairman of Greig Middleton since 1986.

CII widens continuous assessment for AFPC

The Chartered Insurance Institute is expanding its continuous assessmenttuition system for IFAs taking the Advanced FPC exam.The CII says continuous assessment improves IFAs&#39 chances of success withthe AFPC. It currently offers this facility on two AFPC subjects – G10taxation and trusts and G60 pensions.After April&#39s exams, it will extend its continuous assessment tuition toG20 personal […]


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