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Multiple reform plans may cause confusion

The Council of Mortgage Lenders is warning that separate debates over the future shape of mortgage regulation in the UK and Europe risk causing confusion.

Proposals by the Financial Services Authority and the European Commission are being developed in tandem.

The FSA is working on a discussion paper to be published in September that will set out proposals for UK mortgage regulation.

And last month, the EC published a high-level communication including a comprehensive plan to clean up financial markets.

In its newsletter the CML states: “We will continue to campaign for complementary proposals in the UK and Europe but the challenge will be considerable. There is a risk of confusion and regulatory overload if there is conflicting intervention in the UK and Europe.”

The Finance and Leasing Association has also hit out at the Office of Fair Trading’s plans to review the consumer credit sector.

A number of reviews are being carried out into the sector, including the Department for Business, Enterprise & Regulatory Reform’s White Paper on consumer law.

Stephen Sklaroff, director-general of the FLA, says: “Overlapping reviews could divert attention from helping consumers.”


Brokers turn to discount club to boost income

Utility Warehouse, a discount club which aims to cut consumers’ household bills, claims it has seen a surge in the number of mortgage brokers signing up to use its service.

Law firm warns over company debt liability

Business owners operating as a partnership should look to protect themselves from being personally liable for business debts, a law firm has urged.

Dishonesty will undermine HIPs

When Hector Sants, chief executive of the Financial Services Authority, recently remarked that principles-based regulation does not work with those who have no principles he caused quite a stir in the broker community.

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Guide: Johnson Fleming’s managed auto-enrolment service for SMEs

Johnson Fleming has launched its new managed auto-enrolment service, designed to support SME businesses of up to 250 employees. The managed auto-enrolment service is not just about providing businesses with a software system for them to manage themselves, but more about outsourcing the administration of the project and scheme to Johnson Fleming’s auto-enrolment staff.


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