Around 770,000 borrowers have missed one or more mortgage payments in the last 12 months, says Citizens Advice.Research from the charity shows that younger people are more likely to have missed a mortgage payment, with 13 per cent of 21-24 year-olds surveyed said they had missed one or more payments in the last year. It says some people who are new to homeownership may be getting straight into difficulties. The findings come after a report by Standard & Poor’s last month predicted that lenders’ losses are likely to grow over the next few months because of increasing arrears. The CA survey also found that some people do not understand what secured lending is and that missing payments on these loans could lead to them losing their home. It expresses concerns about the way that secured loans are marketed in newspaper, radio and TV ads by celebrities. Citizens Advice chief executive David Harker says: “These figures do not surprise us as we see many people with mortgage and rent arrears. We are very concerned about the numbers of people who are missing payments. “Missing payments on mortgages or secured loans could lead to arrears and possibly repossession. There is a clear need for more information and advice about the consequences of taking on financial comm- itments, particularly for younger adults.” John Charcol spokesman Drew Wotherspoon says: “With the continual increase in house prices, people often need to stretch themselves to achieve the required mortgage amount, but overstretching beyond their means is a mistake. “There are a number of solutions available to those who struggle to get a mortgage via the traditional route and potential borrowers should always seek professional advice to find out the best deal.”
With the Pensions White Paper consultation finally drawing to a close this week it has been very difficult to get many pensions stalwarts to talk about anything else.
Staff who handle complaints for IFAs and providers will soon be able to take a new complaint handling exam developed by the Institute of Financial Services. The qualification is a joint initiative between the IFS school of finance and outsourcing consultancy Huntswood which specialises in complaint handling. The final syllabus is currently under wraps but […]
The Exchange has launched a new straight-through processing proposition in conjunction with Focus Solutions’ multi-channel advice point of sale solution.The STP offering will be targeted towards product providers and key distributors with Focus and The Exchange now being able to provide major insurers, lenders, adviser and banking organisations with an integrated technology platform. The data […]
The Schroders multi-man-ager team has added Goldman Sachs dynamic opportunities – the biggest London-listed hedge fund of funds – to all three of its multi-manager portfolios. Dynamic global opportunities is a closed-ended fund of hedge funds which raised 274m during an initial public offering in July. The fund has a relatively concentrated portfolio and is […]
This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. The topics in this guide include: the letters you need to send out; what to send and when; the importance of employee engagement; and what to consider as additional communication.
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
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The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]