View more on these topics

Nationwide says big firms won’t enter equity release for three years

Nationwide is warning hat it might take another three years before the major lenders launch full-scale equity- release products.

Chief executive Philip Williamson says he is concerned that Nationwide could become embroiled in a missell-ing scandal if it enters the market too soon.

He fears that consumers could complain to the Financial Ombudsman Service that they did not understand the advice given and says the solution could be to insist that customers should get written confirmation from a solicitor that they have understood the advice.

HSBC, NatWest and Royal Bank of Scotland have all dipped their toes into the market.

Despite Nationwide’s fears, the FOS says complaints about equity release are still low.

Williamson says: “We are seriously thinking about equity release but we do not want to get caught up in five years in what has happened with endowments.

“None of the five biggest lenders has gone in full pelt. We are all a little fearful that a straightforward mortgage proposition might be challenged by the regulator or by customers who do not understand the advice.

“There is great demand but it might take three years before the big lenders enter the market.”


AIG set for move into bulk annuities

AIG is understood to be entering into the bulk annuities market in the UK. The US insurer will be launching with the technical support of outsourcing firm Higham Group. AIG has been linked with the possible acquisition of Prudential, one of the largest suppliers of bulk annuities in the UK.

Leaked white paper reveals two admin alternatives for NPSS

The Government will be proposing two alternatives to the administration of NPSS according to leaked details from the white paper on pension reform.The leak to The Guardian this morning suggests that the administration of the national scheme could be organised through providers managing personal accounts.This would allow individuals to choose their own accounts from a […]

‘Wrap competition to cut bond charges’

Defaqto says bond charges are set to reduce as the impact of competition from wrap providers increases. In its first review of the offshore and onshore bond market, Defaqto predicts that leading advisers will consider offshore bonds more seriously over the next few years as they are becoming an integral part of many wrap propositions.

How to balance bottom-up with top-down research in constructing multi-asset credit portfolios

In this short video, Azhar Hussain, head of global high yield at Royal London Asset Management, explains how his team balance bottom-up with top-down research in constructing multi-asset credit portfolios. Watch the video in full The value of investments and the income from them is not guaranteed and may go down as well as up […]


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