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Structure problems

The Association of Mortgage Intermediaries has warned mortgage brokers that there may be issues with them selling structured products which could lead to conflicts of interest.

AMI director Chris Cummings says he is worried that some products can be sold without advice. He says the ombudsman might ask some searching questions about the circumstances of selling such a product if the customer had originally gone to a broker seeking a mortgage.

In a nutshell, he sees problems with an independent mortgage broker selling a tied fund.

We understand how difficult things are but brokers must be wary of seeking new sources of income and an escape channel that eventually proves to be bad for clients and ultimately bad for them. It would be much better if they seek to ally themselves with proper IFAs for referrals.


‘Web is future of distribution’

Product providers must develop a web-based multi-channel distribution model to capitalise on direct online sales as relationships with advisers become increasingly unstable, says 1st The Exchange.In a white paper on changes to the UK advisory market, it warns that relationships with IFAs will be “seriously under threat” if commission is abandoned under the retail distribution […]

ABI produces gender tables

The Association of British Insurers has published gender data tables to allow insurers to continue taking gender into account when pricing insurance policies.


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