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‘Poso probe is needed to check fees’

The FSA may need to probe the fees charged by lenders operating point-of-sale offers, claims BM Solutions.

The firm, which will launch its Poso by Christmas, says once the technology is implemented, the service becomes cheaper than having a professional valuing the property on site and it says lenders should not charge the same fees.

The FSA is not a price regulator but BM says either it or the Office of Fair Trading should ask lenders to justify charging the same rates for a service that costs them less.

Edeus launched last week with instant offers while GMAC unveiled its Poso system a week earlier in a move it claims will apply to at least 60 per cent of its customers. Edeus will charge a premium for the instant offer on top of the valuation fee but GMAC will not. BM director Tim Hague says: “The FSA might take a dim view of some charges because it is not as reliable as a physical valuation. If the auto- mated valuation models costs 25, how do you justify 250 for an AVM?

“There are reasons to charge premiums as you pay more for quality but I suspect the FSA will take a look at these things.”

Active Management Group joint chief executive Mike Buckley says: “Efficiency should reduce costs so prices to the consumer should come down.”


FSA outlines further details on home reversion regulation

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Abbey revamps James Hay wrap next month

James Hay Wrap, recently rebranded by Abbey Wealth Management is to undergo an upgrade at the end of next month. The revamped platform will relaunch under the new brand on October 30, with 30 new features for IFAs.Abbey has also announced it has received a seven-figure agreement with Australian firm InfoComp, that will provide the […]

Train of thought

To the relief, perhaps, of many IFAs, the FSA in its 2006/2007 business plan signalled its intention to move away from reliance on detailed rules towards an approach to regulation based on higher-level principles – in other words, less box-ticking, more professional judgement.

West Brom to appoint new chief executive

West Bromwich Building Society will have a new chief executive next month.Chief executive designate Stephen Karle takes over the reigns from the retiring current chief executive Andrew Messenger on Sunday October 1, 2006.Karle joined West Brom in 1995 as secretary to the society, having previously worked as a solicitor. He was appointed to the board […]

The Natixis Solution: H2O MultiReturns Fund

A product designed to bring some unique attributes to the crowded absolute return global macro space With diversification and risk management top of investors’ wish lists when it comes to alternatives, step forward the H2O MultiReturns Fund. H2O Asset Management is an independent boutique backed by Natixis Global Asset Management and has a 14-year track […]


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