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Watchdog praises mortgage brokers

Mortgage brokers have been praised by the Financial Ombudsman Service for a continuing low level of complaints.

Relationship manager Peter Bristow says only 3 per cent of complaints received last year related to mortgage brokers.

Of the 113,000 complaints, 70 per cent were about mortgage endowments but the loan market fared much better.

Bristow pointed out how brokers could avoid complaints getting as far as the ombudsman. He said: “Resolving complaints early can help with word of mouth recommendation from clients.

“Brokers can avoid complaints by recognising when they have a dissatisfied customer, apologising and expressing regret, which does not imply guilt, understanding the complaint and responding quickly.

“Sometimes it makes sense to settle, even when a broker thinks it has done nothing wrong, to save on costs.”


Estimates rocket for interest-only loans

The true extent of the interest-only mortgage crisis looks to have been grossly underestimated after the FSA revealed that around 410,000 interest-only mortgages were sold last year alone, with no evidence of a repayment vehicle.FSA retail markets managing director Clive Briault has revealed that 19 per cent of 2.16 million new mortgages sold in 2005 […]

Brokers call for probe on pay slip services

Borrowers are being offered replacement pay slips and P60 statements which could be used to inflate income for mortgage applications.Brokers are calling for an investigation amid concerns that this practice is undermining the the regulator’s attempts to ensure proper assessments on mortgage affordability.An advertisement from a company called A2ZServices says: “Can’t get a mortgage loan? […]

Balls to allow cash Isas to transfer to equities

The Treasury is to allow monies accrued in cash Isas to be transferred into equity Isas as part of its Isa reforms.Speaking at the ABI Saver Summit today Balls said the Government hoped the measure would further encourage long-term saving.Balls said a differentiation in the limits for cash and equity Isas will still exist under […]

Analyser to sum up with-profits

FundsNetwork is developing a with-profits analyser with Cazalet Consulting.It is designed to help advisers find out the asset mix and performance details of with-profits funds without having to wade through each fund’s principles and practices of financial management documents and FSA returns.It will use this data, along with analytics from Cazalet Consulting and stochastic forecasting […]


School fees planning

Jeremy Pearson is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. Many parents value the standard of education offered by […]


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