The Government, under pressure from lenders and a report by former MPC member DeAnne Julius, changed its mind and decided it was unworkable.It accepted that the FSA would have to police mortgage brokers in much the same way as it policed IFAs. Now, a senior figure in the mortgage market Accord Mortgages managing director Linda Will has raised concerns that treating customers fairly is being used to revert to the old proposals by an overworked FSA. She believes this could happen through TCF’s requirements for lenders to ensure that brokers are properly trained. All we can say is that requiring lenders to police brokers was never going to work in the first place.
Mortgages PLC will launch a direct arm later this year, as its parent Merrill Lynch looks to increase its UK mortgage market share. MPLC has yet to determine a brand name but says its product range will be the same as its intermediary offering.
Dalton Strategic Partnership new UK head of equity Glen Pratt says he is relishing the chance to return to his stockpicking roots by managing the firm’s new high-conviction Melchior UK opportunities fund. Pratt says the fund will concentrate on 30-50 UK-listed small, mid and large-cap stocks that he thinks could return 25 per cent over […]
Universal and Newcastle Building Societies will merge at the end of the year. The enlarged society will remain a mutual and will be named Newcastle Building Society.?Under the merger, current Newcastle chief executive Colin Seccombe will be CEO of the enlarged company. Universal chief executive Kevin Robinson will be appointed director of integration, a non […]
Government set to relent to give product providers key role in admin of a national pension savings scheme
The Financial Conduct Authority (FCA) has started to change the way that people will be told about their pension options. In a recent market study paper, they lay out their final proposals on the information that should be delivered to people approaching retirement and how it should look and feel. During 2015, there will be […]
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
Fiducia managing director on ‘good old-fashioned’ customer service in the digital world Anthony Scott is adept in the art of communication. As an adviser and a novelist (he has written the novels ‘On Ashover Hill’ and ‘The Birthday Gift’) it is crucial for the Fiducia Group managing director to engage and build a rapport with […]
The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]