View more on these topics

Thousands spent on HIP ads

The government has been accused of wasting public mon-ey after it admitted spending thousands of pounds on Home Information Pack press advertising prior to its U-turn on the legislation.

On June 15, housing minister Yvette Cooper responded to parliamentary questions regarding the advertisements. She confirmed that adverts had been placed in 117 trade and lifestyle magazines, plus local and national newspapers.

Between April 2006 and May 2007, 852 adverts were placed in these publications, with 538 of them published be-fore the HIPs U-turn on May 22.

A total of 299 adverts have been re-scheduled and Cooper says these will be used to promote the phased introduction of HIPs on August 1.

Cooper also revealed that 82,335 of public money had been spent on the marketing and advertising campaign to promote HIPs in the South-East.

Danny Lovey, proprietor of The Mortgage Practitioner, says: “This is another example of the government wasting money on HIPs. It ignored calls that they would not be ready by June 1 and still went ahead and advertised them in the press.

“It’s money down the drain. I think all the adverts have done is illustrate what a fiasco the HIP initiative is.”

But Dominic Tol-ler, director of marketing and new busi- ness at LMS, says: “In my view, this is money well spent and is not a wasted sum.

“But there still needs to be a focus on helping consum-ers to understand what HIPs are and how they work, because not enough has been done so far.”

Also last week, the Association of Home Information Pack Providers app-ointed a new chairman, Martin Will-ard, managing director of MDA In- formation Products. He will replace Ian Turner, development director of First Title, who has been with AHIPP since it was founded in 2005.

Recommended

Lansdown Place on acquisition trail

Lansdown Place has revealed it is on the acquisition trail and plans to buy specialist IFA firms. The firm, which will open a regional head office in Bristol this week, is looking to buy firms around the M4 and M5 corridors so it can increase its geographical footprint and its number of specialist advisers. Paul […]

TMW adds Connect Mortgage Group to its distributor panel

The Mortgage Works has added Connect Mortgage Group to its sub-prime distribution panel. TMW has recently made some changes to the sub-prime range including the addition of five-year fixed rate products across the buy-to-let range and the introduction of a near prime plus range of products.Tony Webster, chief executive officer at Connect Mortgage Group, says: […]

Pink enhances GI proposition

Pink Homes Loans has enhanced its general insurance proposition by offering its members more providers to choose from. It found that 90% brokers surveyed stated that they prefer to have the choice of using both of Pinks general insurance providers; first4cover and Paymentshield, whereas, just one in ten wanted to use a single provider. Phil […]

Commission-only brokers wanted

Affordable-mortgages.co.uk is looking for self-employed brokers to work on a commission-only basis. It passes on 80% of all commission to its brokers, who get free access to sourcing systems.

Pensions - thumbnail

Preparing for the changes to the pensions market

As more and more providers start to reveal their stance on the charge cap and removal of commission and active member discount pricing, we thought it would be worthwhile to look at what these are, and the steps businesses should be taking to prepare for this.

Newsletter

News and expert analysis straight to your inbox

Sign up