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Plan for cooling-off period on remortgages scrapped

The FSA has abandoned the idea of introducing a cooling-off period for remortgages after the industry said it did not make sense in the mortgage market.

In feedback to CP98, the Draft Mortgage Source-book, the regulator said it was scrapping its plans.

The industry said there is no justification for a cooling-off period because consumers are not pressured into buying anything in the mortgage market.

The FSA statement says: “Those representing the consumer interest favoured the adoption of rules on cooling-off while the industry viewpoint (strongly exp-ressed by many) was that such rules would impose significant burdens without any consumer benefit.”

Chase de Vere managing director Simon Tyler says: “There is no rationale for a cooling-off period. We do not sell people a house, they come to us looking for financing.”

Prudential Premier Mortgage Club national mortgage manager John Malone says: “It was an additional situation which was not supported by lenders and intermediaries. To have a cooling-off period does not make sense.”


NU says increased awareness has boosted equity release

Norwich Union increased its equity-release business by a third in the first half of this year as elderly homeowners unlocked £313m from their homes. The figures, compiled by Safe Home Income Plans, compare with £235m released in the first six months of 2001. NU lent £218m in mortgage schemes and £95m in the newer reversion-based […]

Moore&#39s code

The denizens of the Treasury and Department for Work and Pensions will be feeling relaxed and peaceful during the current holiday season. That is because as they sip on their wine in the hills of Chiantishire they know that there will be plenty of satisfying paper shuffling to do when they return. Not one but […]

The missing links

One thing this year has not been short of is consultation papers on reforming the industry. The last few weeks have been no exception. Following hot on the heels of the Sandler and Pickering reports, we now have the FSA&#39s CP146 on regulating mortgage sales. At the same time, PS129 also appeared, giving the results […]

Pension assets just beat liabilities

The value of assets of pension schemes of the FTSE-100 companies exceeds their liabilities, but only just, according to a survey by consulting actuaries Hymans Roberts. FTSE100 pension scheme assets total £227bn, while liabilities calculated under the new FRS17 accounting standard total £224bn. But FRS17 funding levels vary from 70 per cent of liabilities for […]

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.


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