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Sun Bank in call for flexible loan probe

Sun Bank is calling for the Council of Mortgage Lenders to set up a working party to scrutinise flexible mortgages and decide on industry standards for the product.

The bank has written to the CML, saying clarity is needed for consumers and advisers.

Sun Bank believes many of the products on offer fail to live up to what it claims to be the six “generally accepted principles” for flexible mortgages among consumer groups.

These are daily interest calculations, overpayments, underpayments, payment holidays, lump-sum drawdowns and no early redemption penalties.

Sun Bank fears many consumers could be missold a product termed as a flex-ible mortgage because it incorporates only some of these features.

It says flexible mortgages should have all six of these features and products offering fewer than all six should be clear about what they do and do not offer so consumers are aware of what they are signing up for.

Managing director Mark Sismey-Durrant says: “Flex-ible mortgages are here to stay but they can vary widely on what they offer. We need to sort out a standard definition for the products before we get much further down the track.

“We think the CML will be sympathetic to our suggestion of setting up a working party to set the industry standards. It is not a new issue but it is one which seems to have dragged on without resolution.”


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Magnum hedges its bets with bull and bear fund

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Standard Life to meet its latest foe

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Industry in limbo as stakeholder looms

As revealed in Money Marketing last week, the Inland Revenue still appears confused about over exactly how concurrency will work, with different departments sending out different messages over the level of the threshold.At the Department of Social Security, officials appear to have finally taken on board industry concerns over with-profits and it is conducting a […]

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Absence management systems gone AWOL from UK’s SMEs, reports Jelf

A quarter (23 per cent)* of the UK’s small to medium-sized enterprises (SMEs) do not have an absence management system in place, according to new research from Jelf Employee Benefits. Despite 69 per cent* of organisations having a system in place, three-quarters (75 per cent) report that it is not providing them with sufficiently empowering absence or health data to inform an effective wellbeing programme.


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