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Need for mortgage payment cover is stressed by lenders

The take-up of mortgage payment protection insurance is rising slightly

but is nowhere near the levels it needs to be, says the CML.

It says the numbers buying MPPI is moving up slowly, with 17 per cent of

people with a mortgage taking out the policies in 1999 compared with 16.6

per cent in 1998. But it says many more borrowers should have the cover and

it estimates that nearly 50 per cent of all borrowers need a protection


According to CML research, borrowers in lower earnings&#39 brackets are less

likely to have insurance.

The CML and the ABI say they are committed to pressing for a greater

take-up of MPPI but have no plans for educational campaigns to consumers or

intermediaries. The CML says the development of a baseline product launched

last year is the basis for its plan to get the message across.

Deputy director general Peter Williams says: “Although the outlook for the

economy is generally good, it is important for borrowers to think carefully

about the need to protect themselves from the impact of accidents, sickness

or unemployment by taking out MPPI.”


LIA wants grants to grow under IFAs&#39 feats

The LIA is bidding to secure Government grants for IFAs studying for theAdvanced Financial Planning Certificate but not everyone in the industryis backing the move.LIA president Peter Sprung is making a 1m application to the Europeansocial fund to help IFAs working towards professional qualifications.Public affairs director John Ellis says the LIA hopes that grants can […]

Isle of Man and Dublin vie for offshore e-commerce

The Isle of Man is going head to head with Dublin&#39s Financial ServicesCentre to secure the lion&#39s share of offshore e-commerce.The Isle of Man has commissioned consultants Charteris to advise ondeveloping an effective environment for e-commerce.The island&#39s government has tabled an Electronic Transactions Bill whichwill put e-commerce and paper-based commerce on the same legal footing.Charteris […]

ABI picks Saltr chief but won&#39t reveal identity

The ABI has appointed an independent chairman for its Pensions, Protectionand Investments Accreditation Board but is remaining tight-lipped over whohas got the job.The chairman will be responsible for guidance and supervision onimplementing the Savings and Long-term Risk project which is beingpioneered by the ABI.The Saltr project has proved controversial, with IFAs and life officesaccusing the […]

MBO for ME and Interdependence

Networks M&E and Interdependence have been bought in a management buyoutdeal for 17m.The MBO, from underwriter Greatminster Group, was led by chief executiveSimon Hudson who founded M&E in 1992. Fund manager Murray Johnstone&#39s Leedsoffice contributed 7.25m to the 17m total, making it the major shareholder.Hudson will be joined on the new board by chairman Barry […]


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