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Mortgage brokers face electronic regulators

Mortgage brokers will face electronic checking under new proposals by the Financial Services Authority.

The FSA is considering linking its computer system with those of larger mortgage brokers. This means data can be transferred to the FSA&#39s head office for compliance checking.

The move comes ahead of the government&#39s decision on whether to switch from voluntary to compulsory regulation for the mortgage industry.

FSA managing director and head of supervision Michael Foot said: “This is a classic example where IT solutions ought to work to everybody&#39s benefit.”


Halifax hits 1m Isa sales

Halifax claims to have sold more than a million Isas since the new savings and investment vehicle was launched in April – cornering a quarter of the whole market share.The Pep and Tessa replacement sales are believed to have now topped 4m.The vast majority of those sold have been cash Isas.

Sofa plea against free advice

Sofa chairman Robert Reid has made a passionate appeal to all IFAs to stop claiming they offer free advice.In his opening speech at the Sofa Update Conference In Birmingham, Reid claimed the services IFAs offer will never be fully valued by consumers unless they increase levels of professionalism and move away from the concept they […]

State pension bill to rise £6bn

The new second-tier state pensions could cost the Government an extra £6bn when it is unveiled in the Welfare Reform and Pensions Bill on Wednesday.The pensions is deemed twice as generous as state earnings related pension which it is replacing.The second-tier pension also boosts entitlements to carers and others earning less than £9,500 a year.

Reliance on brink of insolvency – expert claim

Reliance Mutual is on the brink of insolvency according to a top industry analyst.The small life office was forced to shut its doors to new life and pensions business last week because of the cost of pensions misselling.And the same misselling liability, which is set to grow further into “tens of millions” could place such […]


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