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Members Mortgages in advice deal for IFAs

Members Mortgages Network has introduced a scheme allowing brokers unwilling to give mortgage advice to refer clients to it under a scheme called the platinum service.

The scheme lets brokers refer clients to qualified advisers for mortgage-only advice while still maintaining “ownership” of them. The company supplies a no cross-selling guarantee. Brokers will get 50 per cent of the procuration fee for completed cases.

Members Mortgage will let the broker know when the client is being recontacted about their mortgage requirements so that other financial factors can be examined. When mortgage regulation comes into effect in October 2004, brokers can choose to become introducers while others may be able to use the facility until they gain a mortgage qualification.


Government sets up fund for victims of occcupational scheme collapses

The Government is establishing a £400m fund to compensate people who have lost pension rights through collapsed occupational schemes. The fund will give phased payments over the next 20 years, with payments reviewed every three years. Amicus general secretary Derek Simpson says: “The threat of having little or nothing to live on after 30 or […]

Current account mortgage debt fears

An Aberdeenshire IFA is calling for lenders to toughen up on borrowers who do not stick to their current account mortgage repayment plans. Geissler Financial Services adviser Wolfgang Geissler says borrowers are not being made aware of the risks attached to current account mortgages. He says the products have become popular with cash-rich local oil […]

Tiner warning as more investors look to BTL

FSA chief executive John Tiner has warned lenders about the risks of investing in higher-margin lending such as the buy-to-let market. Speaking at the Building Societies Association&#39s annual conference in Manchester last week, Tiner said more private investment was being attracted to the housing sector despite falling rental yields and the relatively high costs of […]

Smee &#39coy&#39 in face of MPs&#39 wrath over dumped liabilities

Aifa director general Paul Smee was hauled over the coals by the Treasury select committee this week for failing to condemn IFA firms that dump liabilities in shell companies. Labour MP Nigel Beard demanded to know what Aifa stands for if it fails to protect the name of the industry from scandals such as Berkeley […]

Tax-free gains? That can’t be right, can it?

When he was Chancellor of the Exchequer, George Osborne made several changes to the way in which income is taxed. Personal allowances were increased significantly above the rate of inflation; a starting rate band was introduced for savings income and, with effect from 6 April 2015, this was assessed at 0 per cent. In addition, […]


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