The Association of Mortgage Intermediaries will not join other trade associations in working to influence the Financial Services Authority’s decision on the European Markets in Financial Instruments Directive.Some 11 bodies have banded to-gether including the Association of British Insurers and the British Ban-kers’ Association. But Rob Griffiths, associate director at AMI, says it does not want to be part of the group because it is still unclear whether the directive will have a direct effect on the mortgage industry. He says: “The way the directive is worded means that it’s not within our scope. It shouldn’t affect brokers or the Mortgage Conduct of Business rules. But if the FSA changes its COB rules, that might affect MCOB and Mifid may become far reaching.” Sources say the cost of joining the other trade associations could be as high as 15,000 and that AMI would not be able to justify this to members. The trade associations are lobbying to establish a cost-effective way to im-plement the directive. AMI has launched a factsheet entitled A guide to European financial services legislation, looking at the impact of the European Commission on the UK financial services industry. It outlines European legislative process and the two existing directives that could affect mortgage brokers.
Westhill Investments has issued a buyers’ guide for potential investors in the Bulgarian property market.This follows Westhill coming across a number of disappointed property buyers who made fundamental purchasing errors. Dominic Hicks, director at Westhill, says: “It’s in nobody’s interest to have disappointed customers. We want people spreading the word that Bulgaria is a great […]
Lloyds TSB Scotland has released the results of it’s house price monitor which shows that prices across the country are still rising.In the three months to July 31, 2006, the quarterly price index for theaverage domestic property in Scotland rose by 1.1% to give anaverage mix adjusted Scottish house price of 141,338. Average prices have […]
Openwork is running a lead generation pilot with Nethouseprices. com, the UK’s largest free listing sales and house valuation website. All links from the website for financial advice on mortgages and protection link to Openwork and the leads are then distributed among advisers taking part in the pilot.
There has been an 88% increase in the number of landlords building and contents insurance policies taken out over the last 12 months, figures from Paymentshield reveal. Paymentshields figures coincide with the 10th anniversary of the buy-to-let market, which has seen a record 700,000 outstanding buy-to-let mortgages at the end of 2005, a rise of […]
Health Shield has delivered the strongest organic growth in the UK health cash-plan market for the third year running, according to a report from Laing & Buisson.
News and expert analysis straight to your inboxSign up