View more on these topics

IFonline sets up single solution for lenders

Electronic trading platform IFonline is setting up a data management system which it claims will dramatically ease the compliance burden of lenders after mortgage regulation comes into force next year.

It says the system, which is due to be launched in late October, is designed to give greater control to lenders which are concerned that admin blunders by third parties under statutory regulation could leave them facing claims of non-compliance by the FSA.

If successful, the move could mean that lenders only have to ensure the accuracy of their product information on a single system as IFonline is pledging to farm out the data to any interested firms, including rival platforms.

Currently, lenders must check their product details on a platform-by-platform basis, leaving staff to monitor and update data on around 10 types of mortgage-sourcing software.

IFonline claims its new system – provided that most of the other platforms sign up to it – will save lenders from having to perform this task.

Marketing manager Richard Hurst says: “At a stroke, the system will solve an industrywide problem by removing 90 per cent of a lender&#39s data compliance requirements under statutory mortgage regulation.

“It will allow lenders to comply with confidence as they can enter and monitor the information available to brokers themselves.”

Scottish Amicable national mortgage manager John Malone says: “With statutory regulation on the horizon this is the type of initiative brokers that like to see. I think it will not only make life easier for lenders but will also enhance the accuracy of the product information on the various systems.”


Clerical applies MVA on with-profits fund

Clerical Medical has imposed a market value adjuster of 7.5 per cent on encashments of more than £50,000 from its with-profits fund. It is blaming continuing stockmarket falls, saying the trigger point for an MVA review was breached some time ago. The MVA will apply to the excess over £50,000 on withdrawals from its with-profits […]

Regional Review: The North-West

In the first in a series of regional reviews, Money Marketing will set the key UK regions into context in terms of giving advice. This week, the North-west and Greater Manchester come under the spotlight. Manchester, which is the commercial, financial, educational and cultural capital of the UK&#39s biggest economic region outside London, plays host […]


AMP appoints head of acquisitions

AMP has chosen director of finance Philip Moore to be head of mergers and acquisitions, with the role of researching global opportunities for expanding the business. He will be responsible for the execution of all major acquisitions and disposals of assets. Moore will retain his responsibilities as corporate director of finance, a position he has […]

Researching questions

Whether you conduct product research yourself or use a panel or software research engine, you need to have in place a documented process to justify client-specific product selection. This not only underlines your professional integrity but will help you meet the suitability of advice rules in the FSA&#39s new Code of Business Sourcebook, outlined in […]

Testing the Foundation

The global economy isn’t headed into recession, at least not yet. This month, David Lafferty, Chief Market Strategist at Natixis Global Asset Management, examines current capital market and portfolio risks for signs of recession. Click Here for Capital Market Notes


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm