Mortgage firms are holding back from advertising because of concerns about new financial promotion rules, according to Mortgages plc.The lender is concerned that calculating requisite details such as representative APR may be out of reach of the expertise of some smaller firms and sole traders. In research undertaken by the all-status lender, 24 per cent of 250 mortgage adverts reviewed were non-compliant. The top five common errors were using old risk warnings or none at all, not displaying an APR, not displaying an adverse credit warning and using incorrect wording when referring to the FSA. Mortgages plc has created a free guide for mortgage intermediaries on financial promotions. Head of marketing Julian Wells says: “It became apparent to us that some intermediaries were holding back from advertising. In such a fiercely competitive market, brokers cannot afford to hold back on marketing activities bec-ause of a fear of getting something wrong.” Mortgage Portfolio Services mortgage planner Simon Chalk says: “The rules are incredibly complicated and some firms don’t have the time and capacity to go through them. But don’t let it put you off. My advice to anyone is to seek the help of a compliance consultancy firm.”
Jo Hambro Capital Management has appointed John Wood from Newton to launch an onshore UK opportunities fund in the autumn.Wood has run the Newton UK opps fund since February 2002 and generated 49 per cent over three years. JOHCM chief executive Nichola Pease says Wood’s investment style and track record fits well with the firm’s […]
Total lending increased in June by 16 per cent according to the Council of Mortgage Lenders, the fifth consecutive monthly increase.June lending was still 9 per cent lower than the same month last year, down from 22.3bn from 28.2bn.Lending for house purchase increased by 20 per cent to 11.9 billion in June, up from 9.9 […]
With-profits policyholders received a fillip this week with both Norwich Union and Scottish Widows cutting MVRs on its funds. Following a second year of double digit returns from equities, Widows has slashed MVRs across its unitised with-profits pension and assurance policies from 9 per cent to an average of 3 per cent. NU has cut […]
Berrington’s medical prop- erty fund is on track to build five NHS primary care centres this year, including retail and pharmacy units alongside GP consulting rooms. The fund has accrued 140m since its launch in November 2003 and is due to spend 120m this year on the construction of the brand new primary care centres […]
While equity valuations have doubled since the financial crisis, Simon Edelsten explains that there are still pockets of value. But not where you might think Macro-economic uncertainty is causing turbulence in equity markets. Artemis Global Select Fund manager Simon Edelsten says his investment themes are taking him in a different direction to some of his peers – away […]
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Sales skills in themselves are not a bad thing. It comes down to whether they are truly being used for the benefit of the client, not the adviser.
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