HBOS is considering introducing trail commission on retention business instead of full proc fees in a raft of plans unveiled this week.The lender is in talks with sourcing engines to ensure its retention products appear on them to broaden distribution. HBOS is also considering launching a part-ownership, part-rental scheme for first-time buyers. BM Solutions has been tipped by one source to launch its FTB product, similar to Northern Rock’s Together offering, next week. However, the lender is not commenting. BM is set to launch a buy-to-let index in the coming weeks and will have point-of-sale offer capability by next week. Bank of Scotland Mortgages managing director Charles Haresnape urges other leading lenders to break their silence on their retention strategies. Haresnape says: “We are working on functionality for trail fees and clawback. That is something we want to talk about more and may want to offer as we go forward. It would only take a few of the really big lenders to get value to the market. “On FTBs, we will offer part-ownership and part-rental, giving 25 per cent more buying power. We have a team working on this and will come out with an equity-shared mortgage.”
FSA retail markets managing director Clive Briault told an FSA conference this week that identifying firms making slow progress with TCF by March and “bringing them to the stage” will be central to its supervisory work.
Conservative Shadow Chancellor George Osborne has criticised Government dithering over alternatively secured pensions, claiming it would be extraordinary to scrap or disadvantage the product at this stage. Speaking at the Pep & Isa Managers’ Association conference last week, Osborne said it would be wrong to waste industry money spent developing and marketing Asps and there […]
Every week, I try to write about an issue that strikes a chord with at least some readers of Money Marketing. One way to judge whether I have succeeded is to read the emails you send me in response to my comments.
A report published this morning by the CIPD (CIPD Employee Outlook March 2015) provides yet more interesting data to the changing landscape of retirement planning. It should be remembered that we are in a period of genuine flux here given that the default retirement age was scrapped three years ago, and new pension freedoms come online in April. Both of these alterations will have a huge impact on how employees plan for their retirement.
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The Financial Services Compensation Scheme has declared self-invested personal pension operators Stadia Trustees, Brooklands Trustees and Montpelier Pension Administration Services in default. The lifeboat fund has received around 150 claims for compensation relating to the three businesses. Those claims relate to how the businesses set up, operated and administered Sipps through which people invested in […]
The Department for Work and Pensions has confirmed it will not change the pensions triple lock and will explore bolstering the powers of The Pensions Regulator in the forthcoming legislative period. The DWP published its “single departmental plan” yesterday, which sets out five objectives it is working towards over the next four years. It has […]
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