The Professional Mortgage Packagers Alliance is expressing concern that the surplus MCCB funds to be handed over to the FSA may not be put back into the mortgage industry. The PMPA says the funds, believed to be in excess of 2m, should benefit the mortgage sector as the MCCB was partly funded through intermediaries’ contributions. It is calling on the FSA to give clear indications as to where the funds will be allocated.
The buy-to-let sector is continuing to grow despite slowing down in 2004, according to the latest survey from the Council of Mortgage Lenders. In the second half of 2004 new lending had dropped by 18 per cent from 12 billion in the first half of the year to 9.8 billion.
FSA managing director David Kenmir says IFAs who tell consumers that advice is free are damaging the industry because it makes their role worthless. He wants firms, no matter what route they choose, to be up front with their charging and market the cost of their specialist advice. Kenmir admits that many small IFAs seem […]
Investors in the Eurolife Secured Bond have been asked to vote on a partial repayment after the bond defaulted.About 2300 investors should have been repaid abpout 17m of capital on January 23. After three weeks of negotiations they are now being asked to vote on the chance to back a minimum 60 per cent of […]
An even stronger performance of the UK commercial property market is expected in 2005 according to F&C Property Asset Management. Despite the strong performance of this sector last year, there is further growth predicted with a 2 per cent increase in 2005, from 7 per cent to 9 per cent, and 9 per cent per […]
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BMO Global Asset Management fund manager Robert Burdett has more than halved the exposure to passive funds in most of the multi-manager funds amid fears of a bubble in the market. Burdett, who co-manages the £1.2bn F&C MM Navigator Distribution fund with Gary Potter, says the team has been cutting exposure to passive funds across […]
Opinion differs as to what has caused the advice gap. Some believe the move from commission to fees has made advice unaffordable for the mass market, with advisers having to focus on wealthier clients for commercial reasons, while others say the trend was happening anyway, regardless of the RDR. For Simplified Money director Lesley James, […]
Sales of protection policies are back at peak levels, with the sector growing by more than 20 per cent in the past year, despite adviser complaints over protection’s lack of popularity. According to the latest figures from Equifax Touchstone, sales of protection policies surpassed £149m between July and September this year — their highest level […]