View more on these topics

CMC is first firm to be fined for cold calling

Capital Mortgage Connections last week became the first firm to be fined for cold calling by the Financial Services Authority, after the regulator found 85% of its business was generated in this way.

The £17,500 fine also includes CMC’s failure to give customers appropriate pricing information on accident, sickness and unemployment insurance polices.

However, it has been revealed two of CMC’s directors, Frank Cowe and Anthony Marchiare, are also directors of the Mortgage Advisory Bureau, which is an appointed representative under Home of Choice. However, HoC has no association with the fined firm.

Steve Duffy, compliance director at HoC, says the action against CMC was in respect of breaches that occurred between April 4 and October 17 2005. The FSA discovered the breaches during a visit in November 2005, before MAB was appointed by HoC on November 25 2005.

He adds: “HoC does not allow cold calling for mortgages and this position is made clear to ARs when they join us. To the best of our knowledge these problems occurred at CMC before MAB joined HoC.

“We are not aware of any ongoing investigations suggesting that these issues have also occurred at MAB.”

Recommended

Portman revises its range of fixed rates

Portman has revamped its fixed rate mortgage range, now offering borrowers a fixed rate of 4.99% for two, three and five-year terms.Available to brokers and direct via its branches, the society is also offering – for a limited time only – no higher lending charges on all fixed rate products with 95% LTV.Matthew Wyles, group […]

Mortgages PLC offers sub-prime products to self-build

Mortgages PLC is now allowing borrowers building their own properties to access most of its sub-prime products. Mortgages PLC’s product range is also available to self-builders on a self-certification basis up to 85% LTV, and on a full status basis up to 95% LTV. Funds will be released in four phases: after construction to first […]

Political intervention is harmful

A leading Danish economist has warned that political intervention in the housing market can have a harmful effect. Speaking at the European Mortgage Federation conference in Brussels last week, Sune Worm Mortensen, chief economist at RealKredit Denmarket, told delegates that over the past 20 years in Denmark all the major shifts in house prices have […]

Isabelle is like the MacDonald Brothers on the X Factor

From Steve Price Why do readers keep writing and complaining about Isabelle Kassam. All this bad publicity is keeping her in a job. I don’t bother reading her column. If every reader wrote in stating they don’t read her column she would be out of a job. It’s a bit like the MacDonald Brothers on […]

Diversified cashflows are key

Dividends are under pressure in some areas: but reliable yields can still be found. So says Adrian Frost, manager of the Artemis Income Fund, in conversation with Lawrence Gosling.

Newsletter

News and expert analysis straight to your inbox

Sign up