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Treasury to clamp down on lenders

The Treasury is set to clamp down on extended redemption penalties and lenders which do pass on the benefits of base rate cuts to their customers.

The Government department has issued a strongly worded discussion document which lenders and IFAs believe to be a clear indication that the decision to bring mortgages under the remit of the FSA at N2 when the Financial Services and Markets Bill becomes law has already been made.

The Treasury continues to deny it has already made the decision but the public consultation document states marks out clear concerns about the effectiveness of the voluntary mortgage code.

Halifax chief executive James Crosby says: &#34We welcome the regulation of mortgages by the FSA, it will bring benefits to the consumer and the industry.&#34

Savills Private Finance managing director Mark Chilton says: &#34I think statutory regulation is now an inevitability but as to how long it takes, that is a different matter.&#34


Mortgage Advances hit record heights

Mortgage advances hit record levels in June according to figures released by Barclays Bank.Its research reveals gross mortgage advances in June hit the £10bn mark, a 27 per cent increase over last June&#39s figure of £8.4bn.Mortgage lending is now so buoyant that Barclays is predicting the market will top £100bn this year for the first […]

FOG calls for stakeholder exemption on some GPPs

Financial Options Group is calling for firms paying 3 per cent or more into company group personal pension schemes to be exempted from having to offer Stakeholder pensions.In its response to the Department of Social Security&#39s Consultation Brief No. 2, the network says if a GPP scheme meets the necessary standards there should not be […]

TMO launches semi-commercial loan

The Mortgage Operation has launched a product which combines commercial and domestic loans.The Semi-Commercial Fix is aimed at businesses where living accommodation is attached. It allows one mortgage to cover both the business and commercial loan.The loan is fixed until August 1, 2000 at 7.5 per cent up to 75 per cent loan to value […]

CIS new business jumps 16 per cent

Cooperative Insurance Services has announced a 16 per cent jump in new life, pensions and unit trusts business for the first six months of the year.Equivalent premium income was up £20.7m to £146.7m from £126m for the six months to June 30 compared to the same period last year.CIS attributes the increase in business to […]

Flexible reversionary trusts and estate planning

The suitability of different estate planning solutions will depend on the individual’s own circumstances, needs and objectives. When considering the different solutions available there is a trade-off between inheritance tax (IHT) efficiency and access. Overall a flexible reversionary trust provides a greater level of flexibility than a discounted gift trust and can offer individuals a […]


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