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Teachers BS pulls out of intermediary market

Teachers Building Society will only service mortgage customers on a direct business basis after problems with arranging its compliant KFI.

The building society has received a number of phone calls from intermediaries asking if it can provide a KFI. But due to problems in creating it with features such as displaying fees, it has decided not to deal with intermediaries for the foreseeable future. It has asked sourcing systems to update their data accordingly.

Customers will as a result be sent KFIs directly. Teachers BS believes it will not reestablish a connection with the intermediary market for at least a few months.

Teachers Building Society marketing manager Mike Hislop says: “Dealing with intermediaries makes up a small percentage of our business. With the current regulatory requirements, we decided not to deal with them. “


M-Day brings a new world for mortgages

Sally Laker,Managing director,Mortgage Intelligence
The FSA has decided that brokers or networks who do not initially get auth orised by October 31 can trade as “interim-authorised” while they appeal against the FSA’s decision.

Liverpool Victoria launches into child trust fund market

Liverpool Victoria has announced plans to launch into the child trust fund market. Th friendly society intends to launch two trust funds when the Government’s new savings initiative goes live in 2005. The range will consist of a with profits product investing in the society’s fund, and a stakeholder trust fund. Liverpool Victoria already offers […]

Tories plotting a revolution

The Tories want to revolutionise retail regulation – their plans amount not to reform but to FSA Mark II.

Under Shadow Chancellor Oliver Letwin’s plans, retail investors and savers would get the information they need to make informed decisions but they would not have a system of regulation that sought to minimise their risk when investing.

Bankhall Mortgages appoints head of mortgages

Bankhall Mortgages announces the appointment of its first head of mortgages Richard Howells. The Bankhall mortgages division includes Premier Mortgage Service and Norwich Unionj Mortgage Club, both acquired by Bankhall along with Point One and Intermediary Mortgage Direct. Howells will work closely wih John Malone and will report to group business development director Peter Mann. […]


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