View more on these topics

We must have credit control

I am sorry, Ray Boulger, but I have to disagree with you regarding your column in last week’s Money Marketing. Not only is the FSA right, in my opinion, but our coalition Government has even said that it proposes some form of credit control on mortgages.

I have been saying for some considerable time that credit control across the board should be introduced. No purchases on a credit card for more than, say, 75 per cent of the value of the goods, the balance to be paid by debit card.

Yes, I have seen Boulger’s example of the lawyer but my guess is that the FSA is referring to those in the “normal” sphere. Too much laxity has been the norm concerning the self-emp-loyed and the inclusion of bonuses. As we have seen, fluctuating income is a twoedged sword. These additional amounts may not be paid at all.

By definition, they are a privilege and not a right, so the idea of looking at the basic or, as Boulger puts it, the lowest is eminently sensible.We really need to get back to financial discipline. There has been far too much hooliganism concerning expenditure and indebt-edness. It is no one’s right to buy a house or have a mortgage – they must be able to prudently afford it. Perhaps going back to rent control as well would be no bad thing.

Unfortunately, it is this single-minded obsession by the mortgage industry that has led to our present parlous state. The countries worst affected are those with the same views and systems. Those least affected are where mortgages were harder to come buy. Why can’t the lesson be learnt?

Harry Katz
Norwest Consultants
Edgware, Middlesex



Providers and advisers have cover cost duty

The FSA says both protection advisers and providers are responsible for complying with rules that require clients to be told the full cost of cover over the term of the policy. The rules on total premium disclosure first emerged in 2009 and stem from a clause in the European distance marketing directive calling for the […]

Pre-Budget report is slimmed down

The Government is to replace the pre-Budget report with a slimmed-down autumn statement in late November or early December

Is Australia still right for Qrops?

Davies’ VIEW Although qualifying recognised overseas pension schemes were arguably born Down Under, we may now be seeing a swing away from funds being transferred to Australia. One of the final actions watched over by Australia’s last government was to abolish the foreign investment fund legislation. The FIF regime demanded tax on permanent resident’s pension […]

Retirement Partnership launches team to support IFAs

The Retirement Partnership has launched a new IFA consulting team to support IFA firms. The firm says the move is a direct response to the increasing challenges facing IFAs and to help advisers benefit from the opportunities available within an expanded retirement market. The team will help set up IFAs so they have the right […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm