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CA attacks FSA rules on financial advice and polarisation

The Consumers&#39 Association says that the FSA&#39s proposals in its consultation paper on the draft rules governing the sale of financial product have missed the point and will not help get consumers better products and advice.

Mick McAteer, senior policy advisor at the CA, says: “All along we have said that the FSA&#39s determination to abolish polarisation misses the point. These proposals don&#39t address the real problems in the financial services industry. Instead they will introduce more confusion in an already complex market under the guise of more choice.

“Consumers do not need more products, they need better quality products and consumer focused unbiased advice. There is nothing here that will help deliver those needs. The big banks and insurance companies thrive on confusion marketing. This will make it more difficult for consumers to get access to unbiased advice and allow the banks and insurance companies to push up costs.

“There is nothing here that introduces a level playing field for competition. Providers who do offer good value products don&#39t stand a chance against the big banks that have a big pool of existing customers and will be able to finance this battle for market share.”


Britain&#39s economy is &#39in recession&#39

The British economy has slumped into recession, a leading investment bank has said. ING Financial Markets has predicted that figures due for release by the government on Friday will reveal that gross domestic product declined by 0.3% during the fourth quarter of last year, with a further drop of 0.2% predicted for the present quarter. […]

1,000th firm joins Mortgage Promotions

Packager Mortgage Promotions yesterday announced that the 1,000th firm had joined the rapidly growing network, which launched in July 2001. Nick Baxter, director of Mortgage Promotions, says: “We are delighted to have achieved this milestone so quickly. With an average of over three registered individuals per member firm it means that over 3,000 individuals have […]

Buy-to-let continues to grow and heads north

Rising house prices are encouraging more people to enter the buy-to-let market as landlords, with a transfer in interest away from London and the South-East and towards the Midlands and the North, UCB Home Loans says. The report by Nationwide&#39s specialist self-certification lender, which gives a detailed breakdown of current buy-to-let activity across the UK, […]

Mortgage lending reached £219bn in 2002

Mortgage lending totalled £219bn in 2002, based on figures released yesterday by the Council of Mortgage Lenders. Over the year, remortgaging accounted for 38% of all lending at £83.6bn, the highest figure on record. Lending in December reached £19.5bn, showing no sign of any seasonal slowdown. Remortgaging remained strong in December, accounting for 39% of […]

Artemis Investments’ Outlook for 2016

Political change and the ‘normalisation’ of interest rates mean 2016 is likely to be another interesting year. But what will it bring for equities – and bonds? Here, a number of Artemis’ managers share their views. Click here to read the full article


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