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Warning of 20,000 &#39rogue traders&#39

As many as 20,000 unq-ualified mortgage brokers may be offering advice to unsuspecting customers and abusing public trust, according to Campbell Dallas Financial Services.

The Scottish firm is warning of “rogue advisers” giving mortgage advice without having the minimum Cemap or Maq qualification they should have gained by December 31 under Mortgage Code Compliance Board rules.

It says nearly 45,000 mortgage brokers got the professional qualification by the December 31 deadline but this leaves 10,000 to 20,000 yet to pass an exam. Campbell Dallas is concerned that there is nothing to stop unqualified brokers from handing out advice on a mortgage.

But it says there will be no hiding place for brokers who have ignored the Dec-ember deadline from April 1, when they have to renew their MCCB registration.

Managing director Gavin Hutchison says: “Advisers have been given two years to pass what is a relatively straightforward exam and anyone who has failed to gain the qualification before the deadline has absolutely no excuse.”


Insight Investment – Insight Investment Focus Plan

Wednesday, 5 February 2003 Type: Oeic mini or maxi Isa Aim: Income or growth by investing in a choice of six funds Minimum investment: Lump sum £3,000 Catmarked: No Investment choice: Income &#45 equity high income, monthly income, global bond funds. Growth &#45 UK discretionary, UK select opportunities, European discretionary funds Yield: Depends on fund […]

IFAP bringing in leads for £23m commission

Over 315,000 people contacted IFA Promotion last year to look for an IFA, producing up to £23m in commission and £16.5m in profit for members. According to research by actuaries William M Mercer, the total of people approaching IFAP was up by 20 per cent to 315,000 from 263,000 in 2001. Of those people contacting […]

Noble tops up Enterprise

Noble Fund Managers is raising up to £1.5m to top up its enterprise venture capital trust. The trust was established in 1996 and has raised £20.6m to date, which has been invested in 45 unquoted companies. The directors of the VCT believe there will be enough interest from investors for a further share issue, which […]

Casting a spell

The spellcheck function on modern computers could be described as a first step towards artificial intelligence. When writing “Fishwick”, the computer suggests “fishlike”, Alistair Darling becomes Alligator Darling, Skandia is “squander” and multi-tie turns into “mullet-tie”. Bankhall becomes “bankroll”, Fatchett turns into “fattest”, Carby becomes “crabby” and Ritchie is “retch”. Some of the alternative spellings […]


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