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IFP welcomes FSA comment on AFA

The Institute of Financial Planning has welcomed the comments from the FSA&#39s David Severn that the regulator would be happy to see the back of the AFA tier.

Speaking from the IFP&#39s annual conference in Telford, chief executive Nick Cann said the AFA concept was a ridiculous category which never would have worked in the commercial world.

Cann said: “We always thought AFA would go, it is a ridiculous category. People would either remain independent or by default become tied. Commercially, AFAs would be squeezed out. The focus solely on fee-based being a good thing was wrong.”


Halifax joins Pink Home Loans lender panel

Halifax bank has joined Pink Home Loans mortgage panel bring the total number of lenders signed-up to 33. Halifax says joining the panel is a sign of its commitment to the intermediary market. It says it is investing in e-trading solutions and will offer Pink members an on-line mortgage promise facility and up to date […]

Chelsea launches new step rate bond

Chelsea Building Society is launching a step rate bond on September 23 with the offer of three fixed rate periods from one to three years. The fist fixed rate period offers a bond with an interest rate of 3.95 per cent until November 2003. The second fixed rate period offers a bond with an interest […]

IFAs warn they could drop A&L loan over procuration

Mortgage intermediaries are warning that they will either have to charge a fee or stop selling Alliance & Leicester&#39s newest discount loan because the procuration fee is too low to make it profitable.On A&L&#39s two-year discount product fixed at 3.7 per cent, the brokers&#39 fee is £150 for arranging a £250,000 loan compared with the […]

Platform and Verso combine sales teams

Platform Home Loans and Verso have completed the first stage of a merger between the two mortgage companies.The newly combined sales team will be able to sell the complete range of mortgages on offer from both companies.From September 9, the new salesforce will be on the road under the leadership of Jeremy Duncombe, former head […]


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