View more on these topics

IFAs face suspension on loan code

Brokers in breach of new mortgage code rules will be suspended from trading with registered firms with immediate effect, warns the Mortgage Code Comp-l

iance Board.

New MCCB registration rules, which took effect last month, could lead to

non-compliant brokers risking immediate suspension from the mortgage code,

meaning they will be unable to sell the mortgages of most major lenders.

Previously, a firm could only be suspended after a full disciplinary review.

Brokers with lapsed PI insurance could have their registration to the code

revoked, as could those caught providing advice without a professional

qua-lification, such as Cemap, after next December.

Although the regulatory information has been sent to brokers, the length

of the updated documentation has led to fears that some brokers may not be

fully aware of the rule changes. An MCCB spokesman says: “Firms not

familiar with the new rules are advised to check the documentation sent to

them when they renewed their registration.”

Mortgageforce managing director Rob Clifford says: “Registering with the

code means brokers are committed to the registration rules so it is crucial

that they fully understand and adapt to them.”

Recommended

Self-assment may be the future of underwriting

The underwriting of applicants for life or general insurance products is,at a high level, a simple process. The product provider simply has to decide which applicants to accept andwhich to decline. If only life was so straightforward. The detailed processes which underlie the high-level aim of underwritingare complicated. Before considering these, however, we need to […]

Premier zeros in on growth

Premier Portfolio Managers has introduced the Premier zero preference fund, an open-ended investment company (OEIC).The Oeic is aimed at investors who are looking for capital growth by investing in low risk securities. It will also appeal to those investors looking to defer their capital gains tax allowance.Premier’s Oeic will invest in the zero dividend preference […]

IFAs stick by Tories

IFAs are bucking national trends by backing the Conservatives, according to an exclusive poll conducted for Money Marketing and Skandia by H2B. The poll found that, nationwide, 35 per cent of IFAs votedConservative, 17 per cent Labour and 9 per cent Liberal Democrat. The poll, sponsored by Skandia in advance of its conference on the […]

IHT net closes round unwary homeowners

Soaring house prices are making increasing numbers of homeowners liablefor inheritance tax, claims IFA R J Temple. A survey conducted by Temple found that only a tiny percentage ofrespondents were aware the price of their home could push them into thedanger zone for IHT and were making plans to avoid it. The IHT thresholdstands at […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment