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Structured products to be next misselling risk – FOS

The FOS has predicted that structured products could become the next misselling scandal to follow from the current spate of mortgage-endowment related complaints.

Speaking at the Building Societies Association&#39s annual conference in Manchester, Ombudsman Caroline Mitchell said she revealed numbers of complaints about these products have been increasing saying she is currently receiving around 70 a week, still a long way from the 1,000 endowment complaints received a week.

But also speaking, Nationwide commercial and treasury director Stuart Bernau said he thought equity release would be the next misselling scandal.

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FSA Chief Executive calls for common sense from lenders

Speaking at the BSA Conference today, FSA chief executive John Tiner called for lenders to use common sense when assessing borrowers&#39 ability to repay mortgages. Tiner said lenders should be satisfied a borrower had sufficient income to meet monthly installments, not only at the beginning of a loan but also when rates normalise. He said […]

Bad heir day

The post-war baby boomers are approaching retirement and in the next five years we are going to see an increase in the number of people aged over 65. Some will have made adequate provision for their retirement but many will not. The recent expansion in the equity-release market seems set to continue as property markets […]

ABI to publish CI jargon busting guide for IFAs

The ABI has begun consulting on a guide to critical illness insurance definitions. As revealed in Money Marketing last month, the guide will be an aid to IFAs, customers and claims assessors, to help them understand the meanings of medical definitions. The trade body hopes it will result in improved information through advisers and fewer […]

Churchill to leave Zurich

Lawrence Churchill is stepping down as chief executive officer of Zurich Financial Services UK, Ireland and international life business. Until a replacement is found his responsibilities will be covered by Zurich chief executive, global life insurance business Paul van de Geijn. Van de Geijn says: “I thank Lawrence for his leadership at an important juncture […]

2016 Global Survey of Individual Investors: How is investor behaviour rewriting the job description for financial professionals?

Trapped between expectations for near double-digit returns and strong apprehensions about investing in persistently volatile markets, investors worldwide are of the opinion that professional financial advice is worth the fee. But even though they believe individuals who work with a financial professional are more likely to achieve their goals, investors have a clear vision of […]

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