Rigid complaint-handling rules requiring firms to respond within five working days and give a four-week update are to be scrapped as part of the Newcob consultation and replaced with a requirement that firms respond in a “reasonable time-frame”, Money Marketing understands.
Paymentshield is warning intermediaries to apply due care with MPPI products following the latest reviews of PPI.The provider insists that the same rules must apply when dealing with mortgage-related products as do standard loan repayment insurance. The recent results of OFT and FSA investigations into PPI propose to refer the PPI market, including MPPI, to […]
Cheltenham & Gloucester is relaunching its intermediary website this week. The revamped website will include an affordability calculator, which will enable brokers to get a decision on how much C&G will lend their client without leaving a footprint on their credit record. C&G has also added a news alert service to keep intermediaries abreast of […]
The FSA has fined Loans.co.uk £455,000 for failing to treat its customers fairly when selling PPI in a further sign the regulator is cracking down in this area.The FSA says it found the firm did not have appropriate systems and controls in place to minimise the risk of unsuitable sales.At this week’s Treasury select committee […]
HM Revenue & Customs says it will contact all clients receiving income from a retirement annuity who will be hit by changes to the way their annuities are taxed next year.
By Simon Halifax, senior marketing consultant For a few years now, mortgage advisers have probably been warning their clients that there’s only one direction that the interest rate is going and that’s up (well, I know mine has!). However, the financial landscape changed when the UK voted to leave the European Union last month and […]
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As someone training to be a cricket umpire, fair play matters to Fortitude Financial Planning director Chris Bowmer. Doing the right thing for clients is something he has adhered to from the start of his career, even in a 1980s sales environment with nothing to gain by delving beyond a client’s surface requirements. While he acknowledges […]
Fund managers who have helped pay compensation over the collapse of life settlement bond provider Keydata will receive a £12m refund, the Financial Services Compensation Scheme has announced. Keydata’s management has been embroiled in a multi-million-pound legal battle with the FCA since it collapsed in 2009. The total bill for compensation stands at more than […]
With no employer to fall back on, the self-employed are on their own when it comes to retirement saving. Irregular income patterns can make it harder to save regularly into a pension and commit to locking money away until age 55. Those who are building a business may see that as their biggest asset and […]