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MCCB reduces fees

The Mortgage Code Compliance Board has announced that the fees for its final six month renewal period are considerably below the pro-rata 2003/4 levels.

The renewal fee for an intermediary firm with a single sales person would be £40, a firm with 8 sales staff would pay a fee of £320, firms with 12 sales people would pay £420 and for a very large intermediary firm with 1,200 sales staff the fee is £18,000.

Chief executive Luke March says: “We are pleased that the Mortgage Board&#39s careful financial management has enabled us to reduce fees for lenders and intermediaries. A seamless transition to the FSA on Mortgage Day has always been the goal of the Treasury, FSA and MCCB, with the full support of the industry. As well as ensuring that the industry&#39s reputation is maintained through continuity of consumer protection arrangements, a full renewal will allow all firms in good standing to receive due credit towards FSA authorisation.”


Base rate increases by 0.25 per cent

The MPC voted today to increase the base rate by 0.25 per cent to 4 per cent. The increase was widely expected by the market which is widely predicting further rate rises. Portman Building Society group development director Matthew Wyles says: “This rate rise comes as absolutely no surprise – fasten your seatbelts – there […]

Growing problem of pension limit

IFAs with clients who expect to break the £1.4m lifetime limit face an advice dilemma over the Inland Revenue&#39s proposals for transitional protection, warns Scottish Life head of pensions strategy Steve Bee. Bee says IFAs face a difficult choice between recommending clients to leave their occupational scheme or stay in and risk being hit by […]

FSA says others could charge like Standard

The FSA has warned that other insurers may be forced to charge policyholders for guarantees in the same way that Standard Life is proposing to do. The warning comes as the regulator made public a response to Liberal Democrat Treasury spokesman Vincent Cable. Cable had written to FSA chief executive John Tiner, questioning whether the […]

IFAs say tighter CI definitions better than losing guarantee

IFAs would rather see definitions on guaranteed critical-illness policies continually tightened than lose them altogether, according to research by Legal & General. L&G&#39s survey of 400 IFAs found that new-generation CI cover products should be based on today&#39s model rather than “radical” new designs. Fifty-seven per cent of the IFAs offer only guaranteed premiums to […]

Allianz Technology Trust – April 2017

Welcome to the latest update for Allianz Technology Trust PLC from the Trust’s portfolio manager, Walter Price. Portfolio review The Trust’s NAV returned 4.3% , outperforming the Dow Jones World Technology Index return of 2.8%. In US dollar terms, the portfolio gained 4.8%. During the month, stock selection contributed to relative performance, and industry allocation […]


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