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Review of 2004: Mortgages

As mortgage lenders and intermediaries lick their wounds after M-Day, the industry is still wondering whether regulation has created any tangible consumer benefits.

The FSA says the one-off cost of regulation is around 150m while the CML says it is 250m while BSA chairman John Parker puts it at a whopping 500m – very considerable sums for a low-risk sector.

The week of November 1 saw lenders’ systems crashing, sourcing systems unable to serve intermediaries, flexible products withdrawn and KFIs increasing in length. Meanwhile, more intermediaries than expected remain directly authorised to survey the scene for surviving networks while packagers wait to see if there is a future for them at all. But the storm is starting to abate. The FSA says it will look at KFIs again and intermediaries say business volumes are bouncing back.

Alliance & Leicester head of intermediary Mehrdad Yousefi says: “Mortgage regulation has been a mini-revolution.”


Woolwich does the splits

Woolwich Plan Managers has established the guaranteed 50:50 deposit account. This combines a five-year FTSE 100-linked guaranteed equity bond with a one-year fixed rate high interest account.

Review of 2004: Offshore markets

For the first six months of 2004, the offshore market was dominated by allegations of misselling against Towry Law International.

Ups and downs of drawdown

This week, I will conclude my short series of articles in which I have examined and discussed the nature and the extent of the main risks involved in pension drawdown.

Where are they now…

The shadow of former news editor Adrian Cammidge looms over 2004. He left the benevolence of the Fourth Estate to move to the “dark side” of PR. Just recently, we have heard he has since taken over the Aegon world and will hitherto be known as Darth “I am now a father” Cabbage and we […]


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