View more on these topics

Halifax denies pushy sales tactics

Halifax has refuted claims that it is aggressively cross-selling insurance products to new mortgage clients.

Emmanuel Hemmings, an independent mortgage broker based in Coventry, claims his clients are being repeatedly harassed by Halifax to take on contents insurance products despite being told it will be provided by the broker.

Hemmings says: “In all four cases I have submitted to Halifax, my clients have been repeatedly primed for contents insurance and the like. This is aggressive cross-selling.”

But Paul Fincham, spokesman for Halifax, says: “When a mortgage application is received, we make a courtesy call as standard practice to check if the client is covered for other insurance needs. If they are not, we provide them with a quote. We simply present them with an opportunity.”

Although the Financial Services Authority has introduced regulations outlawing cold calling without prior notification from the consumer, Halifax is not contravening any rule. Home and contents insurance are covered by ICOB which does not have the same lead generation restrictions as MCOB.

Robin Gordon-Walker, spokes-man for the FSA, says: “There is no bar on firms doing this. While the basis of the call and what has prompted it should be explained, this does not flout any rule.

“The FSA has not gone down the route of stopping salesmanship as we don’t want to stop the industry working. It is important not to over-regulate.”


Cartel claims 2004 as most successful year

Cartel Marketing says it has completed its most successful trading year to date by being recognised as one of the UK’s top 100 fastest growing private companies.Amongst its achievements in 2003/2004 was the recruitment of a further 250 staff at its Manchester head office at Exchange Quay, nationwide and Indianoperations.In addition, Cartel has invested in […]

Charcol says use your mortgage to pay for Christmas

With consumers due to spend 813 each on Christmas this year, Charcol is advising people to remortgage to cover the cost. Charcol has calculated that over 3 million borrowers could pay for this years festivities just by moving away from a lenders uncompetitive SVR. These borrowers are potentially wasting a staggering combined total of over […]

GMAC-RFC completes 800m securitisation

GMAC-RFC has closed its latest securitisation, valued at 800m, through its RMAC programme. It is GMAC-RFC’s 17th transaction in the UK RMBS market, and total issuance since 1998 exceeds 9bn. This deal is backed by 41% prime/near prime and 51% non-conforming mortgages.This transaction has been divided into five publicly funded tranches all denominated in UK […]

e.surv predicts soft landing for the housing market

e.surv has backed results from the Council of Mortgage Lenders’ conference that suggest a soft landing for the housing market. At present, while overall activity is down, this is a consequence of a combination of three factors seasonality, previous interest rate rises and most importantly, regulation.Richard Sexton, e.surv national business development manager, says: “The industry […]

Pension - thumbnail

David Cameron appoints former adviser to Tony Blair as new pensions minister

Following a cabinet reshuffle in light of last week’s general election, David Cameron has announced that Ros Altmann will be replacing Steve Webb as pensions minister. As the industry works with one of the largest reforms to the sector in almost a century, the former adviser to Tony Blair has been tasked with ensuring that the pensions revolution does not stray off track.


News and expert analysis straight to your inbox

Sign up