View more on these topics

Lenders want Boateng to flood cash into defences

The Council of Mortgage Lenders is calling on the new chief secretary to the Treasury Paul Boateng to increase spending on flood defences, in line with the Government&#39s own recommendations.

It wants Boateng to approve spending of up to £140m on flood defences, as recommended in the Government&#39s National Appraisal of Assets at Risk carried out last year for the Department of the Environment, Food and Rural Affairs.

The CML says it is making the request after figures from the Office of National Statistics last month showed that 11 per cent of all new dwellings built in England between 1997 and 2000 are in areas defined as a flood risk. It says lenders and insurers are becoming increasingly concerned about possible widespread flooding of homes.

It warns that unless the Government takes action, areas that are regularly flooded may be blighted because people cannot get insurance, causing properties to become unmortgageable. According to the CML, there may soon be some areas that insurers refuse to cover.

CML deputy director general Peter Williams says: “The ability to obtain insurance at a reasonable cost is a key requirement for lenders and borrowers. Without the protection of insurance, the lender&#39s security in the property is threatened, making it virtually impossible to obtain a mortgage.

“Even if borrowers could get a loan for the property, they would be extremely vulnerable if they had to meet the costs of any significant flood damage from their own pockets.”


New Star Investment Funds – Income or Protected Growth Plan

Thursday, 13 June 2002 Type: Guaranteed equity bond Aim: Income or growth linked to the performance of 50 individual shares Minimum-maximum investment: £7,000-No maximum Term: Five years Guarantee: Annual income option 50% – 100% capital returned at end of term, quarterly income option 55% – 100% capital returned at end of term, growth option capital […]

On Commons ground…

In a recent poll commissioned by BB Radio 4 to find the most despised profession,MPs and Government ministers topped the hate list. Despite this, Robin Cook,in the past few weeks in a submission to the committee on standards in public life, contended that MPs should be permitted to continue self-regulation. Apart from the sleaze, accepting […]

IN Partnership appoints Inter-Alliance investment specialist

IFA network In Partnership is appointing Skandia Life founder Malcolm Wanless as director of investment and estate planning. Wanless, who has worked in financial services for 28 years, joins In Partnership from Inter-Alliance where he was group investment specialist.

UBS Global Asset Management – Managed Fund

Tuesday, June 11, 2002Type: OeicAim: Growth by investing in equities, bonds and cashMinimum investment: Lump sum £1,000, monthly £50Investment split: 100% in equities, bonds and cashIsa link: YesPep transfers: YesCharges: Annual 1.5%Commission: Initial 3%, renewal 0.5%Tel: 0800 5872111


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 thought leadership.

    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