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Private Label attacks lenders who don&#39t offer redemption penalties for cheating consumers

Private Label is attacking lenders that offer redemption-free products because it says they cheat the consumer.

The mortgage packager says that instead of offering a redemption penalty option many lenders load the potential cost into the mortgage rate. The result is that the borrower has no choice but to pay the cost leaving them in a worse position.

Executive chairman Steven Knight says: &#34The redemption charge that would otherwise be payable is loaded into the rate with redemption-free deals.

&#34This means instead of possibly paying a redemption charge these applicants are definitely paying one via the loading.&#34


Consumers&#39 Association wants consumer panel included in bill

The Consumers&#39 Association is urging the Government to place the Financial Services Authority&#39s consumer panel on a statutory footing by devoting a clause to it the forthcoming Act.The Consumers&#39 Association put its proposal to the Treasury Select Committee inquiry into the Financial Services Authority and the Financial Services and Markets Bill.The association is concerned that […]

M&G says aim is to return to positive net sales

M&G says its main objective for next year is to return the group to positive net sales.It is expecting a high demand for Peps in next year&#39s final season.It is also hoping that its individual savings account which it is launching in conjunction with Bank of Scotland in April will be a success with consumers.M&G […]


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