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Hips could take spring out of the market

The Council of Mortgage Lenders is calling for the Government to rule out a spring 2007 launch for home information packs or risk creating a pre-Hip rush that will blight the traditional boom season.

CML deputy director gen- eral Peter Williams told a conference in London this week that bringing in the packs in early to mid 2007 could see sellers trying to avoid the new requirements, creating a summer lull that could damage property prices.

Williams said consumers will try to evade the forecast costs of 635 per household.

He suggests that the Office of the Deputy Prime Minister should consider the efficiency with which Mcob was implemented in November 2004. The date was at the low end of the mortgage cycle so any effect was minimised.

Williams said: “Hips are part of an incredibly complicated process with a range of effects and market impact. There is a real risk that Hips could coincide with the peak in the market and boost people into selling before the launch date in 2007 so why launch at this time? It could all end in tears.”

An ODPM spokeswoman says: “The date is something that is in discussion at the moment. The minister has expressed an early date but we are certainly doing some research on the market imp- act with the likes of the CML and HBoS.”


Ami urges mortgage intermediaries to plan for Hips

The Association of Mortgage Intermediaries has created a factsheet to help mortgage intermediaries to plan for the introduction of home information packs. Ami is concerned too few intermediaries are considering the impact Hips could have on their business, and hopes the factsheet will encourage firms to plan ahead.Hip implementation could present estate agents, surveyors and […]

UK banks unlikely to pose threat on commission

While the news story headlined, Scandinavian shock as banks drive out IFAs, may ring a few alarm bells among a proportion of your readership, I think we need to consider the fact that the financial services arms of banks in this country are, by the sound of things, very different operations from their Scandinavian counterparts. […]

FSA under pressure to review restrictions on Nurs funds

The FSA’s approval process discriminates against the inclusion of non-Ucits retail schemes in life and pension wrappers, says fund manager Insight. Unlike Ucits funds, there is no automatic approval for Nurs funds as permissible properties for linked life contracts. Providers must apply to the FSA for a waiver to include the funds. Nurs funds are […]

IFP wants global standards for certified planners

The Institute of Financial Planning is working to achieve global recognition for certified status by compiling a definitive list of standards required from financial planners. The IFP is consulting with 18 countries which have the certified financial planner status to specify what should be expected of planners beyond the different tax laws and regulations they […]


Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.


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