The FSA has warned mortgage networks over the lack of app-ropriate controls in place to ensure that appointed representatives are conducting business properly.Speaking at Mortgage Expo, FSA head of mortgages and credit unions Michael Lord said the regulator had uncovered evidence of inappropriate behaviour concerning controls and will be making it a priority area for 2006/07. Lord said: “We have found mortgage networks who have not put controls in place to make sure ARs are being controlled properly.” The Association of Mortgage Intermediaries said the number of mortgage networks will halve in 12-18 months. Director general Chris Cummings said the 25 networks covering the mortgage market will reduce to 12-16. However, Cummings told brokers they could be proud of being responsible for producing the lowest volume of complaints out of any financial services sector. He said mortgage brokers would find the transition to principle-based regulation easier than the rest of the industry as they have the principle of treating customers fairly more firmly entrenched in their businesses. Cummings used the launch of lead-generation firm Leadbay Loans to call for a code of standards to be introduced for lead-generation firms to rid the industry of cowboy firms.
Scottish Equitable Protect has linked with Red Arc offering its care advisory services for people claiming on its group critical illness policy.With immediate effect, anyone who makes a claim on a Scottish Equitable Protect group CI product will receive support from the care advisory service provider. Their immediate family will also receive the services, free […]
Our panel of experts discuss secured loans, fraud and the role of Ship in equity release
Given the market correction, multi-managers should make a tactical switch in direction and increase their exposure to closed-end funds. Historically, discounts have moved in line with sentiment within the London stockmarket so it is not surprising that they have widened since the market peaked on May 11.
National Savings And Investments
Guaranteed Equity Bond 11
By Kim Jarvis, Canada Life In this article we look at which forms personal representatives (PRs) need to complete and who actually pays the tax. To recap, under current rules, any part of the estate that falls within the available nil-rate band (NRB), currently £325,000, is taxed at zero. Anything in excess of the NRB is […]
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The Financial Services Compensation Scheme has declared self-invested personal pension operators Stadia Trustees, Brooklands Trustees and Montpelier Pension Administration Services in default. The lifeboat fund has received around 150 claims for compensation relating to the three businesses. Those claims relate to how the businesses set up, operated and administered Sipps through which people invested in […]
The Department for Work and Pensions has confirmed it will not change the pensions triple lock and will explore bolstering the powers of The Pensions Regulator in the forthcoming legislative period. The DWP published its “single departmental plan” yesterday, which sets out five objectives it is working towards over the next four years. It has […]
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