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Which? warning on panels

In a soon to be published guide to the new financial advice regime that will also cover mortgages Which? will advise consumers to seek out a truly independent adviser – be that for mortgages or other financial advice.

Which? principal researcher Teresa Fritz says: “We&#39ll tell people to use an adviser that can search the whole of the market. Even some advisers who say they are independent work with a limited number of lenders. At second best, consumers should seek out the adviser that offers the most lenders on their panel.

“Then after seeing such an adviser people should use an online calculator to check they have been recommended the best deal.”

While the Consumers&#39 Association has fears over panels it has strong concerns about the introduction of multi-ties as they are less flexible than panels as they are contractually agreed.

And although it welcomes FSA regulation it also warns that it will do nothing to prevent advisers focussing on cross-selling insurance products, rather than finding the best mortgages for their clients.


Online storage facility launched

With nearly one million British homes burgled in 2003, a house fire every few minutes and British holidaymakers being robbed to the tune of £300m, it&#39s hoped the new internet venture will help both victims and their insurers. Designed to substantially minimise the impact of loss, theft or damage comprises an online safebox in […]

Will there be a cut in Stamp Duty soon?

Blair told Labour Party workers: “We will increase the supply of new housing and will be helping people to get onto the housing ladder.” This sparked hopes that a cut in Stamp Duty may be on the cards for the first time since 1963. So, Mortgage Strategy asks: “Do you think a cut in Stamp […]

Classic Network Solutions recieve MTA letter

Ray Ronan, head of sales and marketing, says: “Not only have we received our MTA letter but we have also received the results of an independent audit carried out for the FSA and ourselves testing that our systems are fully operational and robust for M Day.  We received a clean bill of health which is […]

Genesis solves AR dilemma

FSA regulations stipulate that a broker calling themselves independent must offer clients a whole of market product range and the option to pay a fee for the service provided. Where the client opts to pay a fee the gross procuration fee payable from the lender to the network has to be rebated to the client. […]


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