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IFAs fear being forced to stop giving loan advice

More than 80 per cent of IFAs fear FSA proposals for lenders to monitor the product information provided to clients will force them to stop offering mortgage advice.

The research, by the Intermediary Mortgage Lenders Association, sends a stark warning to the industry and consumers, many of which rely on IFAs for their mortgages. IMLA says this shows the majority of IFAs think the FSA is failing in its efforts to raise standards.

IMLA says most IFAs would prefer the FSA and Mortgage Code Compliance Board to take responsibility for compliance monitoring rather than leaving it in the hands of providers.

The findings will come as further embarrassment to the FSA, which has come under fire from the Council of Mortgage Lenders which says the proposals could force up to 75 per cent of IFAs out of the market.

An FSA spokeswoman says: “It is only in the Government&#39s gift to give us the scope to regulate mortgage advice.”


Newbury 5 free from redemption penalty

Newbury Building Society has improved its Newbury 5 mortgage, which has a five year discount and no early redemption penalties.Loans of up to 75 per cent of valuation have the biggest discount – 0.5 per cent, giving a payable rate of 5.74 per cent. Loans of between 76 and 90 per cent of valuation have […]

Anger over clutter of Isa posters on the Tube

Lobbying by leading fund managers and advertisers is forcing TDI, the company responsible for Lon-don Underground poster ads, to develop a new poster placement policy.Leading names such as Gartmore and Jupiter and their ad agency Ptarmigan Media are up in arms about the positioning of their Isa posters adjacent to competitors&#39 ads during this year&#39s […]

IFAs set to take on providers

IFAs could go head to head with providers in a move which could be devastating to some of the big players in the market, according to independent research by Datamonitor.The research says IFAs may launch their own branded products to survive industry challenges such as reduced commission, potential changes to polarisation and poor service standards […]

Gartmore appoints new portfolio manager

Gartmore is promoting Tim Callaghan to the role of portfolio manager in the European equity team of its investment division.Callaghan has been with Gartmore since 1991 as an investment manager, prior to which he was a fund manger with Morley Fund Management.Gartmore head of European equities Stephen Jones says: “Tim will play an active role […]


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