Network Datas network for mortgage and insurance intermediaries will now be available for smaller mortgage packagers. Packagers will be able to become an appointed representative of Network Data, thus avoiding the costs involved in becoming directly regulated. They will also be able to make use of Network Datas packaging software. As an appointed representative, the packager can then sign up its own brokers and pass on the benefits of appointed representative status. These brokers will have to place all their mortgage business through their appointed representative.
Iain Cornish is to take over as chief executive of the Yorkshire Building Society on July 1. He takes over from David Anderson, who is leaving to become chief executive of Jobcentre Plus, part of the Department of Work and Pensions. Anderson has filled the role of chief executive of the Yorkshire for seven years. […]
The axe has fallen at the Prudential, with three senior members of staff losing their jobs following the storm of controversy which greeted its fateful decision over critical-illness cover last month.Director of product development Richard Field, director pensions & protection Richard Taylor and senior protection product manager Keith Bevan all left last week.A statement from […]
Last week, I introduced the latest Inland Revenue contribution to the debate on the tax treatment of dividends received by non-working or insufficiently working spouses and partnership profits received by similarly non- or insufficiently working partners, usually spouses. I would like to look at examples given of where amounts received by the non-worker could, in […]
Financial services products should be stress-tested in the same way as pharmaceutical products to reduce the risk of providers paying compensation, says FSA managing director of regulatory processes & risk directorate Carol Sergeant.The low level of financial literacy of most consumers means that providers must stop launching over-complex and faulty products or face renewed misselling […]
The strong dollar is hurting exporters, but the domestic economy is growing, the banks are strong and consumers are paying off their debts, says Cormac Weldon, head of Artemis’ US team.
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Another investment manager offering enterprise investment schemes has alerted clients of a 10 per cent drop in value for one of its portfolios following new Mifid rules. Mifid II, which came into force on 3 January, requires firms to notify clients when the overall value of their portfolio, relative to its value at the beginning of each reporting […]
The recent enquiry by the work and pensions select committee has reignited the debate about the future of collective defined contribution schemes. Whether these sort of schemes can be incorporated into the current UK pensions landscape is a moot point. Let’s consider some of the arguments for and against CDC. First of all, it is […]
Retirement interest-only mortgages are set to become more popular following the FCA removing hurdles to selling them. The regulator sees RIO mortgages as a possible aid to the waves of maturing interest-only loans with no repayment strategy. However, the FCA also wants RIO mortgages to be sold more widely, for example as an additional option […]