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A view from the floor

At a time of regulatory change, some in the industry question if small societies will be able to cope. This is nonsense. Many small societies are participants in collaborative ventures such as Mutual One, which has worked on behalf of societies to produce compliance manuals covering the introduction of the Financial Services and Markets Act, and the upcoming N4 regulation. Over 40 societies have ordered the Mortgage Day manual along with seven other lenders, while a good number have also registered interest in purchasing the insurance compliance 2005 manual. Mutual One is a great example of a shared service organisation producing a positive compliance outcome for the sector. Societies have coped with regulatory change remarkably well since they were formed, they have been early adopters of the mortgage compliance requirements and they have a wide range of competitive mortgage products.

Although the managements of small societies have to have a range of skills – strategy, finance, marketing, HR and compliance – all have one thing in common: a desire to succeed and to offer prospective customers competitive products and comprehensive advice, all within a compliance framework designed to protect the consumer.


BDS defends brochure

BDS Mortgage Group has defended suggestions that a self-cert marketing brochure recently sent to brokers is irresponsible. The document tells brokers that GMAC-RFC&#39s self-cert STAR product is “just the ticket to avoid those awkward situations with new clients… you don&#39t have to declare an income on the application form, removing the risk of you becoming […]

Table 2: Gross lending by survey participants

LenderTypeGross Mortgage Lending
2002 (£bn)ShareRank<

Let&#39s move to affordability as the self-cert criterion

From Neil CalverBarely a week goes by without some sort of mis-selling scandal rearing its ugly head. This time it seems to be turn of self-certification mortgages. So are they a licence to print money? Of course not. One possible way to dispel allegations of fraud and obtaining monies by deception would be for lenders […]

Consumer greed rife in run up to Xmas, warns IFA Promotions

One in four people would rather get into further debt or dip into savings than resist the temptation to spend, research from IFA Promotions reveals. The promotional body claims 73% of people in Britain spent money on replacing goods that didn&#39t need to be replaced last year and many are likely to do the same […]

The future of active management is now

Fees under pressure. Regulatory moves against closet indexers. Rapid advances in financial technology. Shifting sentiment among investors. Such mounting challenges have led to widespread speculation about active management’s shrinking future. But a closer look inside intelligent portfolio construction today tells a story of expanding roles, added value, and innovative risk-adjusted, lower-cost solutions. Four investment experts […]


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