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IDD to be scrapped

The initial disclosure document is to be replaced with a requirement to disclose key information about a firm’s service in the first client meeting.

The information would cover the firm’s product range and how it is paid.

The FSA also plans to reduce the number of “trigger points” for issuing a key facts illustration, meaning intermediaries will only have to issue one when advice has been given on a certain product. Currently, a KFI has to be issued when information has been given about a product.

It has ruled out using the same “independent” and “restricted” labels that will be required for investment advisers under the RDR. Instead, firms must ensure they give customers a “plain and simple” explanation of whether there are any limitations in the product range they provide.

The FSA has decided not to go ahead with its proposal for lenders to calculate a mortgage’s affordability over a 25-year term, even if the actual mortgage term is longer.

Your Mortgage Decision director Dominik Lipnicki says: “Over the past few years, I think people have found the initial disclosure document useful because it is quite simple. It lists how we get paid, whether we are whole of market or use a panel and how to complain. I hope the new system of disclosure will be just as useful.”



US investors to sue Lloyds

US shareholders in Lloyds are launching a lawsuit against the bank demanding compensation for its takeover over HBOS. According to This is Money, US shareholders have launched lawsuits against the bank, former chairman Sir Victor Blank and former chief executive Eric Daniels. The lawsuit claims that investors were not made aware that the Bank of […]

Iress poaches Focus client architecture head

Wealth management software firm Iress has poached Focus Solutions head of client architecture consulting Carol Blair as its new product and implementation manager. Blair is joined by Simon Thomas who joins Iress as senior project manager. Thomas was previously 1st Software general manager, Synaptic general manager and most recently Defaqto head of insight. Johann Koch […]

Coventry Intermediaries – Godiva Buy-To-Let Flexx Fixed – 75% LTV

Coventry Intermediaries – Godiva Buy-To-Let Flexx Fixed – 75% LTV Type: Flexible fixed-rate buy-to-let mortgage Fixed term: Until March 31, 2017 Fixed rate: 5.35% Minimum loan: £25,001 Maximum loan: Up to 75% of valuation subject to a maximum of £500,000, up to 50% of valuation subject to a maximum of £1m Income multiples: Rental income […]

Woolwich’s B2L system crashes  

Woolwich’s back office system for processing buy-to-let cases has crashed. The lender says it is working on fixing the problem and has advised intermediaries to hold off submitting cases for the next couple of days. The system is currently only processing completions and critical cases. A spokeswoman for the lender says the fault is technical […]


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