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Brokers back PAI

Brokers have welcomed the FSA&#39s pledge to introduce a standardised pre-application illustration at N4, writes Harriet Williams.

In CP146, the FSA says: “The key thing that consumers want to know is how much the mortgage will cost [and] this information needs to be personalised.” The FSA says that standardised mortgage quotations will help consumers shop around and understand the features of any mortgage before applying.

The FSA has shortened its proposed PAI from the CP98 version. The MCCB will continue to press for a simple PAI.


Mortgages PLC revamps website

Mortgages PLC has rebranded its website and reported rapidly increasing numbers of intermediaries visiting the site. Since launch in April 2002, the site, at, has attracted over 3500 visitors and the number of visitors is typically rising by 15-20% each month. Over 1500 intermediaries have registered on the site and are able to access […]

The FSA is almost there with CP146 The new regulatory timetable

We have always been supportive of statutory mortgage regulation as we believe it will be good for borrowers. We also believe that the majority of customers actively benefit from full mortgage advice and that statutory regulation provides greater clarity in a complex regulatory environment. But mortgage regulation needs to be aligned with the FSA&#39s work […]

The end of the beginning is nigh

Last week the Financial Services Authority published Consultation Paper 146: The FSA&#39s approach to regulating mortgage sales. From around mid-2004, intermediaries that sell mortgages will need to be authorised by the FSA. As we reveal across 15 pages in this special issue of Mortgage Strategy, there are no real surprises in CP146. Introductions to any […]

The importance of responding

From Mike DaviesCP146 is living proof that there is value in responding to these consultation papers. CP98, in practice, placed the onus for the supervision of mortgage advice and intermediaries who gave such advice, on lenders. Such an approach was unworkable, as lenders did not have any legal relationship with the intermediary that would enable […]

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Guide: Johnson Fleming produces auto-enrolment checklist

For a job as big as managing the auto-enrolment changes, it’s important to know what has been completed and what still lies in front of you to give you the reassurance that everything is in hand. Getting the planning and project management right at the outset can help you see the path ahead and ensure everyone knows their roles and responsibilities. To help with this, Johnson Fleming has produced a checklist outlining every step that needs to be taken when preparing for auto-enrolment.


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