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MMR: 25-year maximum term officially dropped

The FSA has officially dropped its previous requirement that affordability should be accessed on a maximum term of 25 years.

In feedback from its last consultation paper it says that there was “strong consensus” to drop the regulator’s initial requirement of assessing affordability on the 25-year cap.

The FSA says: “Respondents felt this was too restrictive and in particular would prevent younger customers from getting on the property ladder.”

They also argued that dropping the proposal would be consistent with increasing life expectancies and working lives of customers.


Google slump hits top fund managers

Google’s slump in share price last week affected a number of fund managers after quarterly profits dropped by 20 per cent. The internet giant saw its share price. suspended after a printing error meant its interim results were released earlier than planned, prompting the share price to dive. It was widely reported US-based financial printer […]


FSA will have ‘zero-tolerance’ RDR exam stance

The FSA says it will have a “zero-tolerance” policy towards advisers who have not attained a QCF level four qualification by the RDR deadline. Speaking to Money Marketing, FSA technical specialist Rory Percival says the regulator will offer no flexibility for advisers who have not achieved the minimum qualification requirements on 1 January. Percival (pictured) […]


FSA cracks down on banned advisers still offering advice

The FSA is cracking down on banned advisers believed to be continuing to give advice. The regulator has announced details of two separate investigations into unauthorised business carried out by banned individuals. The first investigation relates to Gary Hexley and John Cooper, Hexley’s business partner. The FSA has charged Hexley with six offences relating to […]

Precise scraps arrangement fees on new range of prime mortgages

Precise Mortgage is ditching the arrangement fees on its recently launched range of prime home buyer mortgages and opening up to a wider distributor market. The £995 fee on the two-year fixed-rate products, launched in September and available at up to 70 per cent, is being scrapped at the same time that cashback on the […]


Lifetime Isa – how it works

According to George Osborne “people like Isas – because they’re simple”. Fiona Tait is not convinced… Contributions & bonuses What he said: “From April 2017, anyone under the age of 40 will be able to open a Lifetime Isa and save up to £4,000 each year. And for every £4 you save, the Government will […]


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