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Two-thirds of brokers say don&#39t apply CP121 to loans

Two-thirds of brokers are against the FSA&#39s CP121 proposals being applied to mortgages and want a different regulatory regime from life, pensions and investment.

A survey of 500 intermediaries last month by specialist lender Future Mortgages rev-eals that only 11 per cent are in favour of CP121 covering their business while 23 per cent are unsure.

The Future 500 survey also shows that 36 per cent are concerned that the Treasury&#39s mortgage regulation consultation goes too far in its proposals but 52 per cent are happy with the recommendations.

Future says this finding is one of the few endorsements of the Treasury&#39s proposals but warns that there is still a risk of more sweeping recommendations being made.

It believes one of the most surprising results is that 58 per cent are confident the time-table to implement regulation by 2004 is feasible.

Although 98 per cent of brokers back the idea of a trade body, only 1 per cent support the National Association of Mortgage Brokers and Advisers.

Future Mortgages head of PR Richard Hurst says: “We are not surprised that mortgage brokers want a different type of regulation. Life and pensions have been regulated for a long time while the mortgage market has evolved naturally.

“No one could argue that it is not competitive and healthy, which is why some fear statutory regulation.”


State Street Global Advisors – StreetTRACKS AEX Index

Wednesday, 12 June 2002 Type: Exchange traded fund Aim: Growth by tracking the AEX index Minimum investment: Subject to negotiation with stockbroker Maximum investment: None Place of registration: UK Isa link: Yes Pep transfers: Yes Charges: Annual 0.3% Commission: None Contact:

Irish Life offers currency choice

Irish Life International has established an offshore guaranteed equity bond that is linked to the Dow Jones Global Titans index. The eighth issue of the secured growth bond enables investors to choose a currency denomination from sterling, dollars or euros and the level of final returns will depend on which currency is chosen. Sterling versions […]

Penalty knockout as football fund folds

Singer & Friedlander has finally admitted defeat in its battle to keep its football fund running by switching investors to another fund and applying to have its shares delisted. Following an extraordinary annual meeting last month, S&F will amalgamate up to 85 per cent of the Dublin-based Oeic into its UK growth fund and delist […]

Providers should get their own houses in order

I would like respond to the report in MM concerning the survey by Camp Chipperfield Hill Murray. One provider said: “What would you be paying for if you buy IFAs? The management? That&#39s a joke. The systems? That&#39s an even bigger joke” and another saying it is “like herding peacocks. They strut with their beautiful […]

Recording sickness absence cover - thumbnail

White paper — recording sickness absence

The latest figures from the Department for Work and Pensions illustrate that sickness absence is still a major cost to businesses, with an annual bill for sick pay and associated costs to employers of £9bn. This paper from Jelf Employee Benefits looks at the importance of recording sickness absence for any employee health strategy and how this can be carried out in an efficient manner to reduce absence, improve employee engagement and drive up profits.


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