View more on these topics

Malone says TCF move will hit fees

The FSA&#39s initiative on Treating Customers Fairly will have a greater effect on the mortgage industry than the onset of mortgage regulation and will reduce procuration fees for mortgage advisers, says Premier Mortgage Services managing director John Malone.

Speaking at Money Marketing Live in Manchester on Tuesday in a debate about mortgage regulation, Malone said lenders are already looking at how they will have to fund products under TCF.

He predicted that TCF – coupled with the effects of the Miles&#39 report – would mean less remortgage business as lenders would be forced to offer all their products to existing customers as well as new borrowers. He said this would mean a reduction in procuration fees with lenders cutting fees as remortgaging becomes less popular.

Malone said: “The remortgage sector will be the first in which lenders reduce the amount of money they pay out and we are conscious that procuration fees will be affected. It will have more impact on the industry than mortgage regulation.”

•Money Marketing Live reports, p3

Whether he is railing against misselling or cheering on Man Utd in the pubs around Highbury, CA policy chief Mick McAteer believes in standing up for what you believe in


Consumers in call for probe by UK on Euro gender plans

The Consumers&#39 Association is pressing the Government to carry out an investigation of the EU&#39s proposed directive on gender equality independently of the insurance industry. The CA has welcomed the House of Lords European Union Committee&#39s recommendation for further research into the implications of the directive. The association is recommending that further research should include […]

Mortality boost hits Equitable Life

Equitable Life has had to set aside £75m in response to concerns that future mortality improvements may be greater than previously expected. In Equitable Life&#39s corporate and financial review the company says it has had to strengthen its reserves due to the continuing trend of strengthening mortality assumptions and longevity, but this has had little […]

Axa fund pays dividends and builds in CPPI guard

Axa Investment Managers is introducing a 100 per cent capital-guaranteed structured product with performance linked to the FTSE 100 total return index. The structure will enable the product to capture dividends as well as capital growth, negating one of the main arguments against investing in such products. Exposure to dividends will be obtained through investing […]

Close Finsbury Asset Management – MultiAsset Portfolio

Type: Oeic multi-manager fund of funds Aim: Growth by investing in equity funds, bond funds and alternative investments including commercial property and hedge funds Minimum investment: Lump sum £25,000 Investment split: 36% UK equities, 12% fixed interest, 10% US, 10% commercial property, 8% structured investments, 8% hedge funds, 6% Europe, 5% Japan, 3% natural resources, […]

Artemis Monthly Distribution Fund: positioning and outlook

Managers James Foster and Jacob de Tusch-Lec outline the fund’s investment approach and discuss current investment themes and outlook for the bond and equity markets. As James and Jacob confirm, the Artemis Monthly Distribution Fund’s aim is to generate an income from both equities and bonds. They explain their investment approach in each asset class, the sectors where they are […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment