View more on these topics

Meeting will decide fate of packagers&#39 trade body

The fate of the planned UK Association of Mortgage Pac-kagers trade association will be decided at a meeting this week.

The meeting will thrash out whether there is a need for such an association or whether packagers should throw in their lot with other mortgage intermediary associations.

Several packagers, including Pink Home Loans and Network Data, are boycotting the meeting organised by outgoing National Association of Mortgage Brokers and Advisers chief executive Julian Jennings, saying they are not convinced of the merit of an organisation representing only packagers.

They believe there is an urgent need for an effective trade association for all intermediaries which will have the power to help shape policy in the run-up to 2004 when the FSA takes responsibility for regulating mortgage advice.

Pink Home Loans says it does not see packagers as separate from intermediaries as they are both trying to meet the same needs of customers but there is a strong need for an organisation representing intermediaries separate from lenders.

Mortgage Intelligence, a lenders&#39 club, says it thinks an organisation solely for packagers will lack teeth as it will not represent a cross-section of the mortgage sector.

Packager Net-work Data national sales manager Peter Gladdy says: “There is no need for an organisation for pac-kagers separate from intermediaries and I am not happy with the way this is being set up. There is an urgent need for an association for intermediaries which must come from the industry.”

Jennings says: “The whole point of the meeting on Thursday is to decide whether this separate association for packagers goes ahead. As one would expect, there are some who would like it to happen and others with different views.”


New options aim to add to clarity of Prudence

Prudential is offering several new options on its Prudence bond in a move it says will help bring greater flexibility and clarity to with-profits bonds.The options include no initial charges, a minimum 100 per cent allocation rate and an annual bonus for investors who do not make withdrawals.The no initial charge option means investors pay […]

CSAM&#39s Shant joins Mellon Newton

Credit Suisse Asset Management head of continental European equities Raj Shant has been poached to head up Mellon Newton’s European desk.Shant, who manages CSAM’s European fund, was only promoted to the head of continental European equities desk in October, but will now join Mellon Newton in March.In his new position, Shant will be responsible for […]

Mellon – Mellon Global Equity Portfolio

Tuesday, January 8, 2002.Type: Ucits.Aim: Growth by investing in equity securities of worldwidecompanies.Minimum investment: Lump sum Euro 5,000 or $5,000.Place of registration: Dublin.Investment split: 100 per cent in equity securities of worldwidecompanies.Isa link: No.Charges: Initial up to 5 per cent, annual 2 per cent.Commission: Initial 3 per cent, renewal 0.5 per cent.Tel: 0500 660000.

FSA accused of overdoing things with its six-step financial detox

The earlier steps recommend the use of the regulator&#39s own tools such as comparative tables and guides.FSA spokeswoman Kate Bristowe says: “What we are offering is generic information designed to make a financial adviser&#39s job easier.“It is to help consumers do their homework and to understand in principle what products they want before getting specific […]

Graphic Content – August

Given the release of employment data from the US on 5 August, we wanted to focus on employment data in this month’s Graphic Content. The Graphic Content below shows us that young and middle-aged workers were hit the hardest by the Great Recession and have never caught up. Since the job market started to recover […]


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 advice.

    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