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Turner says any cap on LTV mortgages must be a political decision

Lord Adair Turner believes that any cap on LTV mortgages would be a decision for politicians rather than the regulator.

During an interview on The Andrew Marr Show, Turner said the FSA is unable to enforce maximum limits on loan to value or loan to income ratios for mortgages.

When asked by Marr “will you tighten the rules on so-called income multiples?”, Turner said: “Politics would have to make that decision. There are important arguments against as well as for, and we are going to produce a paper by the third quarter of this year to discuss the specific issue of whether there should be limits – either loan to value ratios or loan to income ratios.

“So that is something which is clearly on our agenda, but I do think it’s something that the whole of society and politics will want to debate. It’s not something where we have either legal power or where it would be for us to simply say okay, we’ve banned them.”


Status symbols

Wizard Learning managing director Mike Goldsmith outlines the differences between certified and chartered status.

Aifa to launch online RDR academy

The Association of Independent Financial Advisers today announced plans for an online academy for IFA firms to help them meet the demands of the retail distribution review.

Advisers told to view release as part of planning

IFAs are still failing to consider a client’s property as an asset that can be used to boost retirement income and benefit from tax advantages, says Key Retirement Solutions.The equity-release broker is calling on pension advisers to use equity release as part of their retirement planning proposition. Business development director Dean Mirfin says: “IFAs have […]

Don’t blame bankers, Sandler tells advisers

SimplyBiz chairman Ken Davy has hit out at Northern Rock chairman Ron Sandler for defending banks in a speech at the Chartered Insurance Institute’s president’s dinner in London last week.Sandler, who is a former president of the Chartered Institute of Bankers, attracted criticism from the adviser community after urging CII members to recognise the good […]


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