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Govt slammed over &#39shoddy&#39 seller&#39s packs

Len ders claim the Government&#39s compulsory seller&#39s packs are shoddily designed, badly tested and likely to disrupt the market.

The packs, designed to speed up the housebuying process for people selling their homes, came under attack during the Council of Mortgage Lenders&#39 conference this week.

CML director general Mich ael Coogan claimed the pilot trial for the packs had been a failure and that the Government should not introduce them without a more robust study. Results of the pilot, held in Bristol, were published rec ently, with the Government claiming it “confirmed consumer support” for the packs, which contain essential information on the seller&#39s property. They are to be introduced in 2003.

The Government&#39s claim was mocked by the industry, with lenders, IFAs and estate agents involved in the trial accusing the Government of spinning negative results.

Coogan poured further scorn on the Government, saying trial packs were free but will be £500-£700 when they are used for real. Lenders also accuse Parliament of being unable to give the packs away as just 60 packs were used in Bristol compared with a target of 250.

Coogan said if the packs do not work in a buoyant market in Bristol when they are free, then “what would happen in markets with low demand and low-value properties and when consumes have to pay for them?” Housing minister Nick Raynsford, speaking at the conference, said: “The seller&#39s pack will ensure that all the information a buyer needs is available up front.”


Lloyds may go hostile for Abbey

Lloyds TSB has signalled it has not given up hope of a deal with mortgage bank Abbey National following the breakdown of its take-over bid. Lloyds was thought to be preparing a hostile bid for Abbey last night after having its initial friendly offer rejected for being “unattractive”, although it is expected to come back […]

Pep shake-up adds flavour

The latest changes in the Pep and Isa rules are highly sign ificant for anyone involved in the savings industry. A collective vote of thanks should go to the 12 industry bodies and consumer groups, as well as the 23 IFAs and Isa pro viders, which lobbied the Treasury earlier this year in a coherent […]

Premier inspired by US

Premier Portfolio Managers has taken inspiration from the US with the introduction of its global technology fund. This Luxemburg-based Sicav marks a departure from the management styles of similar offshore funds in that four fund managers share the responsibility of running the fund. This approach is common in the US but not in the UK […]

Stake shake

In a letter to the ABI and Autif last month, Department of Social Security head of private pensions John Hughes laid out a series of amendments to stakeholder pension schemes. The most controversial part of the amendments, seen by many in the industry as the Government backtracking on its original aim of enabling lower earners […]

Key themes for 2017

Capital Market Notes, December 2016 Dave Lafferty, chief market strategist at Natixis Global Asset Management, assesses the accuracy of his 2016 outlook and provides his thoughts and outlook for 2017. Click here to read the full article


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