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Consumer panel welcomes FSA endowment decision

The Financial Services Consumer Panel welcomes the FSA&#39s proposals to reduce the risk that consumers who were mis-sold endowment policies will miss the opportunity to complain because they failed to act in time.

Colin Brown, Panel chairman, says, “The Panel has been conscious of the potential impact of the statutory time bar and we have been urging the FSA to clarify the position so that mis-sold consumers are clear about the deadline by which they need to register a complaint.The proposals the FSA has announced today do just that. I am particularly pleased that, where a second red letter is sent, consumers will not be held out of time until at least six months later.

“We would like the rules on the time barring of complaints explained clearly to consumers at the time they receive red reprojection letters. We have also suggested that, by way of an early warning, the same explanation should be given to consumers receiving an amber reprojection letter. Consumers who believe that they were mis-sold an endowment policy need to be crystal clear about the deadline applicable to them for making any claim for compensation.”

The Panel will respond formally to the FSA&#39s consultation in the course of the next month.


Kensington signs deal with TMPC

Kensington Mortgages has signed a distribution and packaging deal with The Mortgage Placement Company.Brokers can access the full Kensington product range under the new arrangement, which the lender expects will pull in “significant” volumes of business.TMPC already has a branded lending relationship with Mortgages PLC, whose products overlap some of the Kensington range. But both […]

Mortgages Plc sees record trading in October

Specialist mortgage lender Mortgages Plc has set new records for the company, now in its fifth year of trading. Mortgages Plc, owned by venture capitalist company Nikko, received more than £100m of mortgage applications and completed over £70m in mortgage loans in October. Trevor Pothecary, group chief executive at Mortgages Plc, says: “The volumes of […]

Northern IFAs lead Southerners in e-business

Northern-based IFAs claim to carry out more e-business online than their southern counterparts, research from Origo reveals.Some 61% of Northern-based IFAs currently carry out more than 25% of their business online compared to only 20% of IFAs based in the south of the country. The survey also revealed that nearly four times more northern than […]

FSA launches online mortgage tables

The Financial Services Authority last week launched its independent online mortgage tables in a bid to help consumers shop around and compare nearly 1,300 mortgages.The tables are available at and cover the core range of mortgage products that are most commonly bought by the majority of consumers.Consumers will be able to log onto the […]

China tech and Global Alpha: a new great leap forward

By Robin Geffen, Fund Manager and CEO

Internet giant Alibaba is exactly the type of entrepreneurial company that the high-conviction, top-performing Neptune Global Alpha Fund seeks to invest in. Established just 14 years ago in an apartment in Hangzhou, today Alibaba is larger than Amazon and eBay put together and is challenging some of the most powerful internet companies in the world…

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