The mortgage industry has expressed its disappointment that mortgage payment protection insurance has been referred to the Competition Commission as part of the wider PPI storm.Both the Council of Mortgage Lenders and Association of Mortgage Intermediaries claim that the MPPI sector is the healthier end of a market that came in for a twin-barrelled assault last week from the FSA and the Office of Fair Trading. The CML says MPPI gives greater access to stand-alone cover than other sections of PPI and the AMI has also expressed similar views. CML director general Michael Coogan says: “It is surp-rising that the OFT has dec-ided to include prime MPPI in its proposed referral to the Competition Commission, given that its market study points out differences in terms of greater access to stand-alone cover than in other PPI sectors. However, we will naturally examine the OFT’s reasoning in more detail before responding formally.” AMI associate director Rob Griffiths says: “We are disappointed that MPPI has been included in the OFT’s proposed referral to the Competition Commission. “The FSA chose not to include firms that sold regular premium PPI in the prime mortgage sector in its phase 2 work and the OFT itself notes the differences and discusses MPPI separately as it says it appears to operate slightly differently to the other markets. “We are fully aware that this is an area in which standards need to be raised and have been working with FSA to do this.”
The ratio of house price to income has risen by an average of 60 per cent in the UK between 1970 and today with London, East Anglia and the South West having the highest ratios.The research from Alliance Trust found that Scotland and North England have the lowest ratios while London is the least affordable […]
Online consumer lending portal Zopa has over 100,000 users signed up, not 1,000 as reported in Money Marketing on October 19.
Hargreaves Lansdown is urging customers to consolidate their pensions pots and break from the dogma of spreading pension arrangements. The firm says the fact that people are getting through an average of five jobs in their working lives has led to a massive increase in the number of pension pots in existence. ABI figures show […]
The UK’s biggest lender says it is interested in replicating the product but is not comm-itting to any timescale for launch and has not finalised under which brand it would be offered. Brokers stress that when-ever the HBOS offering is launched, it may force rates down due to the increased competition. Together has been a […]
In this brief video, Trevor Greetham, Head of Multi Asset at Royal London Asset Management (RLAM), introduces the Global Multi Asset Portfolios (GMAPs), touching on the distinctive investment approach used to manage asset allocation across the funds.
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The workplace presents a significant opportunity for advisers, yet many are still shunning this sizable market, experts argue. The pension freedoms and auto-enrolment have increased the unmet need for advice in the workplace. Some larger employers and pension trustees are no longer content to leave employees to fend for themselves among scammers and fraudsters and […]
Neil Woodford has rejected gloomy UK growth forecasts from the Office for Budget Responsibility revealed in yesterday’s budget, arguing the country is on track to achieve annual growth around 2 per cent. According to the OBR, growth this year will be 1.5 per cent, and fall to 1.4 per cent in 2018. Through 2019 and […]
Trade bodies tend to live in a cloistered environment while advisers keep the industry on its toes