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Brokers warned on cold calling

Pink has warned brokers they could be in breach of Financial Services Authority regulations unless they obtain clients’ signed consent to contact them.

Mark Howell, marketing manager at Pink, says: “FSA rules say a broker cannot do unsolicited real time credit promotions, which means it can’t cold-call clients.It must get permission even from its existing client base.”

He says this could cause problems as many brokers rely on building business through their existing client base.

Under the regulations the broker has to get in touch with each client to ask their permission to contact them. If the broker wishes to contact the client in several years when their mortgage expires, they must get permission now.

Howell says: “There is a problem for brokers who have just started up. In their early years they rely heavily on their databases.”


Network Data signs up over 700 appointed representatives

The news comes just before regulation day and clearly demonstrates the strength of Network Data&#39s proposition. Richard Griffiths, managing director of Network Data, says: “The estimated 3,000 intermediaries yet to make a decision need to consider the track record and size of the network they join to be confident that they will be around in […]

Further rate rises unlikely, says Savills Private Finance

Savills Private Finance says that yesterdays Base Rate announcement makes further rises less likely and believes that the current cycle of gradual increases is close to an end. The Bank of Englands Monetary Policy Committee today announced that will remain unchanged at 4.75%, for the third consecutive month.Simon Jones, director at SPF, says: It seems […]

Halifax research portrays Bridget Jones effect

As Bridget Jones takes to our screens for a second time over the coming weeks, Halifax research shows that young women are increasingly choosing to buy their first home alone. With 51% of Britain’s population now women, the greatest increase has been in the proportion of mortgages taken out by single women, which more than […]

India Election Update

What a difference six months makes. Speaking in September last year, we had warned of ‘excessive pessimism’ afflicting the market’s perception of India. Since then, responsible central bank policy from the Reserve Bank of India (RBI), alongside improving global growth, has meant that India’s macro environment is strengthening quickly. The current account deficit has shrunk, inflation is falling and the government has embarked on a heavy dose of much needed fiscal consolidation. As a result, the rupee has been one of the strongest global currencies this year while the market has touched all-time highs, rallying by more than 20 per cent (GBP) since September. This begs the question: are we now in a period of ‘irrational exuberance’? Not yet.


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