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HSBC will assess broker role

HSBC has refused to rule out extending its mortgage products to the adviser market if its seven-month trial with John Charcol proves successful.

Under the tie-up, clients at the 20 pilot branches will be offered the option of accessing HSBC’s own products or whole of market advice from a John Charcol adviser for a £150 fee payable on completion. HSBC says if the service proves a success it may be rolled out to further branches from November. When asked if HSBC would rule out offering its mortgage products to the wider intermediary market, a spokeswoman said: “Once the pilot is over, we will sit back and look at how it has gone.”

The Mortgage Practitioner sole trader Danny Lovey says: “I have got more chance of holidaying on the moon than accessing their products but I hope I am wrong.”

London & Country technical manager Richard Morea says: “HSBC has not played as big a part in the mortgage market as its size would suggest it should. So it is good news HSBC has initiated this and that it recognises the value of what brokers can bring.”


Price pressure

FSA chairman Lord Turner has said in his review that lenders will be forced to hold more capital in the future to avoid a repeat of the banking crisis. Some experts predict that consumers will bear the cost of this move through higher mortgage rates.


G20 protesters smash windows at RBS

Protesters at the G20 summit in the City are reported to have smashed windows and entered the Royal Bank of Scotland building, close to the Bank of England.

Guarantees in the retirement income market

Lorna Blyth, Royal London  Do guarantees benefit customers and, if so, when? To answer this conundrum we commissioned Millimans, a global actuarial consulting firm, to conduct an independent review of the UK retirement income market and whether guarantees really do offer customers better value for money. The brief The study was one of the most comprehensive undertaken […]


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