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Get ready to pay, FOS tells brokers

Brokers have been advised to ensure their professional indemnity insurance is in shape to cope with a rising tide of complaints.

In a recent speech, Tony Boorman, decisions director and principal om-budsman at the Financial Ombudsman Service, revealed the FOS has seen a 50% increase in mortgage complaints this year compared with Q1 2007.

While he insists that the FOS will consider complaints in a balanced manner, he says clients will be reimbursed if mis-selling is apparent.

Neil Pointon, chief executive officer of indemnity insurer PYV, says that now’s the time for brokers to examine their coverage.

He says: “Brokers should be looking at exclusions to their plans. They need to be aware that insurers also expect these complaints and are adjusting their offerings to protect themselves.”


Ecology’s green lending doubles

Ecology’s eco-friendly lending doubled last year, rising from £7.7m in 2006 to £15m in 2007.The society’s full-year results show net lending rose from £3.3m in 2006 to £9.7m last year. This delivered a 17.1% growth in assets.Ecology specialises in lending on properties that benefit the environment and only deals with eco-homes in-cluding self-builds, energy-saving pro- […]

MT offers free valuations with Bristol & West

Mortgage Times is offering free valuations on all buy-to-let and self-cert products from Bristol and West’s new range.Payam Azadi, director of marketing at Mortgage Times, says: “Bristol & West are one of our key partners for 2008, and we have always had a particularly strong product offering with them. It gives me great pleasure to […]

Adverse loans hard to place

The Regulatory Alliance of Mortgage Packagers says that with lenders struggling to stay in the sub-prime sector it’s unable to place a whopping 25% of all adverse cases.John Rice, managing director of RAMP, says that while brokers offering prime deals have been relatively unaffected by the liquidity crisis, things look grim in the sub-prime sector.Rice […]

AToM unveils Remo Package

All Types of Mortgages is launching the Remo Package, a deal that combines valuation and legal costs in one discounted application fee.The Remo Package combines lenders’ valuation costs and standard legal remortgage charges, which AToM says will deliver substantial savings of as much as £749 off high street prices.Richard Hearn, managing director of AToM, says: […]

Can you put a hat on?

By Sarah Scott, marketing consultant You might think the question in the title is a strange one. Perhaps even more so when you learn that it’s one of several asked as part of an assessment for Employment Support Allowance eligibility in the opening scenes of the 2016 film, ‘I, Daniel Blake’. Daniel is a carpenter […]


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