In its financial promotions mortgage and general insurance bulletin for December, the regulator reports that it is cracking down on non-compliant financial promotions in the sub-prime and lifetime mortgage markets, which are still giving it cause for concern.Those working in the industry say the main perpetrators are small firms with no compliance support advertising in the regional press. Terry Pritchard, managing director of Chase UK, says: “The FSA needs to look closely at misleading adverts in the regional press, because until it cracks the whip firms that comply can’t compete on a level-playing field.” Although the FSA’s bulletin has been widely viewed as a step in the right direction, there are still grey areas causing concern. One of these is secured second-charge loan promotions, which are not governed by MCOB rules but still attract consumers looking for a mortgage.
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Swaps increased sharply before falling back roughly to their previous levels.
John Mawdsley, director of The Mortgage Partnership, Ian Nelson, chairman of BDS and Andy Linnett, director of LMS Specialist Mortgage Services, have revealed the Professional Mortgage Packagers Alliance is reforming. Following detailed discussions with all concerned parties it has been agreed that the PMPA will be reconstituted with several changes to its constitution. Members now […]
The Oakwood Group, the London based private equity firm focused on the specialist lending sector, has made eight appointments. The following people are expected to join Oakwood in 2006, once their contractual obligations towards their current employers are fulfilled: Chris Preston, head of operational credit at HBOS specialist lending; Colin Barrett, senior product manager at […]
This year seems to have been a rollercoaster ride for protection. Critical illness insurance was once again given a bashing in the consumer press, because of a claim that wasn’t paid due to non-disclosure.
Health cash plan provider Health Shield has announced that it paid 436,640 claims in 2013, representing 97.5 per cent of all claims made during the year.
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