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Loan IFAs can use investment key features

Mortgage intermediaries will be allowed to use the same key features documents as those regulated for investment business, according to an FSA policy statement outlining the final rules for mortgage and general insurance regulation.

Firms will be permitted to provide a key features document that complies with their investment business rules rather than a policy summary, as originally planned, in a move aimed at cutting down on the burden of red tape.

Brokers say it makes sense for the FSA to have one policy for the regulation of all intermediaries rather than taking a piecemeal approach. Mortgage Intelligence managing director Sally Laker says the move gives intermediaries the option to use the format they prefer.

Premier Mortgage Management managing director Mark Mountney says: “This makes sense from our perspective. The FSA should keep as common a policy as they possibly can as many mortgage brokers are also financial services advisers and it can be very difficult from our side when there are different obligations from one sector to another.”

AMI policy officer Ben Stafford says: “With many thousands of general insurance intermediaries facing the additional challenge of mortgage regulation, any effort to limit prescribed rules is welcome.”


Tenet launches new mortgage network

Tenet is launching LIME (Lifetime Insurance Mortgage Experts) as an extension of its existing mortgage network. Tenet says LIME will provide advisers with professional indemnity insurance support, life assurance and general insurance panels, mortgage and general insurance sourcing software, marketing and business development support and FSA application assistance as well as exclusive mortgage products and […]


Transfer advice has become impossible

I have recently been involved with yet another complaint, which has been referred to the Financial Ombudsman.I specialise in transfers of occupational pension schemes, and I am now of the opinion that it is not possible to give advice in this area and be compliant.It may be of interest to other IFAs working in the […]

Standard may need to sell loan and healthcare arms

Standard Life could be forced to sell off its Standard Life Bank and Standard Life Healthcare if it wants to remain mutual, according to a leading City analyst.The analyst, who spoke on the condition of anonymity, says the subsidiaries would only be likely to remain within Standard Life if it committed to demutualisation. The analyst […]

MarketPlace mortgage for first time buyers

The MarketPlace at Bradford & Bingley is launching a first time buyer mortgage that allows purchasers to include their parents&#39 income when calculating how much they can borrow. Funded by Bank of Ireland the product carries a two year 1.5 per cent discount giving a current pay rate of 4.29 per cent. The mortgage is […]

Spring has sprung

Well, it’s been lovely to see a little bit of sunshine, even if it was only a brief appearance. I live in Scotland so, believe me, it was very brief.  Of course, with even the tiniest hint of spring, thoughts turn to the inevitable clearout that must take place.  And that got me to thinking […]


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