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Regulation set to force rethink for small firms

Regulation will hit many smaller players in the mortgage market, fears MCCB chief executive Luke March.

At the BSA conference, March revealed that in 2002 there were 7,814 firms with only one member of sales staff. He predicts these will become unauthorised introducers of new business, leave the market or join mortgage networks.

March said the demands and costs of regulation from October 2004 will inevitably mean that many firms leave the market. Some firms may join the networks, which he believes will be a much more significant part of the market once regulation starts, but he is concerned that the number of unauthorised introducers will rise significantly.

He says: “A serious effect of regulation will be that a number of smaller players will become unauthorised introducers and will continue to do just as well tomorrow as they do today, without having to be regulated.”


Critical point

A month on from Prudential&#39s critical illness debacle and IFAs are still fuming. When the Pru gave IFAs a day&#39s notice that it would retrospectively raise critical-illness premiums by around 50 per cent, affecting some 50,000 applications, the industry was in an uproar, claiming the firm had irrevocably damaged its reputation and compromised IFAs&#39 relationships […]

nvesta – Quad Tracker Plan 2

Type: Capital protected bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £3,000-£2m, £7,000 Isa Term: Six years Guarantee: Original capital returned in full providing index does not fall by more than 40% Return: Up to four times the increase in the index subject to a maximum of 80% Closing […]

Out of context

•”Does the planet Zog come to mind?” – Unnamed IFA to Financial Services Consumer Panel chairman Colin Brown at the LIA conference.•”We don&#39t hunt in packs.” – Aifa director general Paul Smee.•”I don&#39t know what&#39s going on, I&#39ve lost all of my mojo.” – Scottish Widows senior marketing consultant Mark Locke.•”I was fairly worried by […]

FSA needs to live up to expectations

AMP&#39s plans for its UK business present the FSA with the ultimate test of whether anyone should expect anything from policyholders&#39 reasonable expectations.If alarm bells were not ringing when the original AMP “Henderson” split was announced, they are now, as NPI policyholders have been told their with-profits policies are now simply bond and property investments […]

Testing the Foundation

The global economy isn’t headed into recession, at least not yet. This month, David Lafferty, Chief Market Strategist at Natixis Global Asset Management, examines current capital market and portfolio risks for signs of recession. Click Here for Capital Market Notes


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