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Lenders call to drop compulsory insurance

Specialist mortgage lenders are calling upon the Government to abolish compulsory insurance and make redemption charges clearer.

Lenders made their views known at the second of a series of mortgage “summits” with trade and industry secretary Stephen Byers.

Byers met nine lenders who argued redemption penalties should be expressed as a cash sum and should not extend over discounted or fixed-rate offer periods. They also recommended redemption penalties should not be levied on home-owners who moved house but stayed with the same lender.

Byers did not comment on the lenders&#39 proposal to abolish mortgages linked with compulsory home insurance.


Balanced managers looking unsteady – survey

Top fund managers are being shunned by UK pension funds in favour of specialist fund managers, according to US consultancy Greenwich Associates.The survey of 375 UK funds worth £505bn, shows the proportion of the schemes using balanced managers declined from 78 to 70 per cent between 1997-1999.The proportion using specialist managers surged from 43 to […]

New ombudsman launch

Financial services personnel have been asked to contribute to a workshop organised by the new financial ombudsman on 24 January. The discussions will feature the proposed new arrangements for handling complaints.Speakers will include Financial Ombudsman Service chairman Andreas Whittam Smith and FSA director of consumer relations Christine Farnish. Consumer representatives will also attend.Chief Ombudsman Walter […]

Small companies share ownership up

Smaller companies with less than £15m assets are embracing employee shareholding, according to venture capital company 3i.The 3i research showed 60 per cent of the smaller UK companies surveyed believe key staff should have share options. 59 per cent believe if the taxing of share options was more favourable, finding and keeping staff would be […]

Halifax mortgage share static

Halifax has failed to increase its share in the mortgage market in the last six months of this year.The has bank announced its market share is set to hold steady at 7 per cent net and 15 per cent gross for the last half of this year. This is similar to figures for the first […]

The death of retirement – a boost for protection?

According to our recent report on the death of retirement, changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. The average contribution rate into an old-style final salary pension was around 20% of total wages, the statutory minimum for a new automatic […]


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