The Association of Mortgage Intermediaries is publishing a factsheet on fin- ancial promotions for sub-prime products.The factsheet is intended to give an overview of the most common errors in sub-prime promotions and how these can be avoided to help create compliant financial advertisements. AMI says that now the Financial Services Authority has made its intentions clear, it’s time for firms to use the information available to ensure they are aware of the rules and remain compliant in this area. Rob Griffiths, associate director at AMI, says: “Financial promotions in the sub-prime market is one of the areas the FSA is planning to focus on. This factsheet aims to make members aware of the common errors on adverts such as not adding risk warnings or highlighting extra fees.” He adds: “The FSA is keen for the industry to make it aware of potentially non-compliant promotions. Some 52% of reports to its financial promotions hotline come from other firms and 59% of all reports relate to mortgages.” Terry Pritchard, managing director of Chase UK, welcomes the AMI factsheet initiative but says more remains to be done. He says: “This is a big problem. There are so many adverts in newspapers that are not compliant that we can’t keep up. We can’t compete because companies are advertising with information such as unrealistic APRs. “I’m pleased AMI is doing something but the FSA must look at smaller companies that don’t have compliance teams. Big ones like us are fine but smaller ones that advertise in the regional press and local magazines must be tackled.” Julian Wells, head of marketing at Mortgages PLC, has analysed how compliant financial adverts are in the mortgage industry. He says: “We welcome anything that helps raise the awareness of financial promotions and this initiative is a positive development.”
The Council of Mortgage Lenders has named BM Solutions as the top buy-to-let lender for the first half of 2006, measured by gross advances. BM Solutions beat Mortgage Express and the Paragon Group into second and third places respectively. Tim Hague, director at BM Solutions, says: “Our securing the top buy-to-let lending position is not […]
Solent Mortgage Services, the national branded mortgage arranger has just been named packager of the year by lending partner Preferred.This is the fourth time SMS has been voted packager of the year by Preferred.SMS, one of the largest branded mortgage arrangers, has enjoyed a long term relationship with Preferred, and through its Trafalgar Homeloans brand, […]
Amber Homeloans has appointed three new development managers.The new appointments will join Ambers sales team, providing sales coverage for mortgage professionals in the south of England. Julian Clements will cover the south coast and joins Amber with eleven years of financial services experience, including working for an IFA specialising in pensions, and his most recent […]
From Harry Katz In view of the contents of his letter – all of which are valid – I’m amazed that Jim Gillespie was so polite (Mortgage Strategy August 7). Not only has Gordon Brown messed up pensions and final salary plans but unlike the rest of us, his government has also brazenly repudiated the […]
This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.
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