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Government presses ahead on MIG

The government says it is on track to launch its mortgage indemnity guarantee scheme in March despite claims that the proposed start date is unrealistic.

Last week Nigel Stockton, financial services director at Countrywide, said lenders are still awaiting the finer details of the scheme and therefore the first mortgages under the initiative are unlikely to be available until Q2 or Q3.

He says: “Having spoken to a number of major lenders recently, they appear to be awaiting the finer details of the application and submission process. Also, it is yet to be determined whether any systems changes are needed, which could further delay the process.”

But a spokesman for the Department for Communities and Local Government says: “We are working with lenders, the Home Builders Federation and the Council of Mortgage Lenders and making good progress to ensure the introduction of the MIG scheme in March 2012.”


Paragon’s sales chief to retire after 23 years at the lender

Andrew Lees, head of sales at Paragon Mortgages, is to retire next month after 23 years at the firm. Lees says his portfolio of clients will be looked after by Moray Hulme, deputy head of sales, following his departure. John Heron, managing director of Paragon, says Lees has spent most of his career at Paragon […]

Consumer credit websites to be investigated by OFT

The Office of Fair Trading is to scrutinise 38 consumer credit websites after an investigation by the European Commission found malpractice to be widespread. The EC investigation found that 70% of the 562 websites checked across Europe needed further investigation, primarily because they omitted key information or presented costs in a misleading manner. Of the […]

The future of active management is now

Fees under pressure. Regulatory moves against closet indexers. Rapid advances in financial technology. Shifting sentiment among investors. Such mounting challenges have led to widespread speculation about active management’s shrinking future. But a closer look inside intelligent portfolio construction today tells a story of expanding roles, added value, and innovative risk-adjusted, lower-cost solutions. Four investment experts […]


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