Intermediaries who advise and arrange regulated mortgage contracts will be covered by the appointed representatives regime from 2004. Last Thursday, the Treasury said respondents to the original consultation document had no fundamental objection to extending the regime to mortgages. But it did say many were concerned with the detailed rules that may surround the regime. A Treasury spokesman says the matters will be covered in greater depth in the Financial Services Authority's consultation – expected to be published today. Respondents to the consultation were concerned that under the Financial Services Markets Act 2000, a person cannot be both an authorised person and an appointed representative of an authorised firm. As a result, the regime might have the effect of restricting consumer choice in the marketplace. Ray Boulger, senior technical manager at Charcol, says: “With CP121 yet to be resolved, the timing is not ideal and it was probably sensible to defer the decision. “With delays in the release of the Treasury and FSA papers, there is some doubt whether the original implementation date of June 30 2004 will be met because of similar delays with the regulation of general insurance. The FSA originally intended to implement mortgage regulation at the same time as the insurance industry but delays with a European Commission directive on general insurance may yet alter the schedule.
Fee-charging brokers are looking forward to the Treasury's pledge to “carve out” Section 155 of the Consumer Credit Act – the cap that stops them charging more than £5 for advice not leading to a mortgage contract.The Treasury acknowledges there are occasions “when the appropriate advice is not to take out a mortgage” and could […]
Platform Home Loans is launching a new range of market leading fixed rates starting from 4.99% and fixed until October 1 2003. The new fixed rates are: Up to 65% LTV = 4.99% Up to 75% LTV = 5.49% Up to 85% LTV = 5.99% Up to 95% LTV = 6.99%The fixed rates are available […]
The FSA is considering whether to include firms that advise on or arrange mortgages within the Financial Services Compensation Scheme. In CP146, the FSA says “the extent of potential detriment to individuals arising from poor mortgage advice is not trivial”. The FSA seeks comment on the maximum amount of compensation that might apply, and the […]
Bristol & West Mortgages today launches the lowest five-year fixed on the market , with a headline rate of 4.89% . The product reverts to Bank of England base rate plus 1%, has no extended redemption charges and is available up to 95% LTV, with no restrictions on who can take out the offer. The […]
This guide, called ‘Health cash plans to suit all shapes and sizes’, provides information on Health Shield’s standard and tailored cash plans, which are designed to satisfy all business and employee needs. Each scheme can be offered on a voluntary, company-sponsored or flexible-benefits basis.
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