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Equity IFAs in dark on KFI progress

Dean Mirfin, business development director at Key Retirement Solutions, says: “One of the biggest problems is that lenders are not communicating with intermediaries. We haven&#39t seen the new illustrations, which we need to do before October 31. There is no clear timetable coming from providers.

“We are having to chase lenders and providers to see what is happening. Perhaps we are asking to see the KFIs too early but at the moment this is happening right across the board with none of the lenders giving us a specific date when KFIs will be available.”

But one of the largest equity release providers, Norwich Union, says it is comfortable with the progress being made.

Brendan Kearns, product development manager for equity release at Norwich Union personal finance, says: “We are busy – probably like the rest of the industry is – working away to deliver KFIs by Mortgage Day.

“We will be starting a testing process soon with IFAs. We are not showing the KFIs to all IFAs but we will be taking examples round the key figures in equity release and talking to these people face-to-face.

“We have our first appointment scheduled for October 5.”


EXCLUSIVE: Stewart Wright steps down as MD of B&W Mortgages

Wright will retire from the post he has held since April 2002 at the end of December. McCormack, currently managing director of Bank of Ireland Mortgages, will take up the reigns as head of the Bank of Ireland subsidiary, B&W Mortgages, from January 1. Wright has worked at Bank of Ireland and Bristol & West […]

Halifax intermediaries to accept online applications only from October 1

Paul Fincham, spokesman for Halifax, says: “We are simply doing simple housekeeping before regulation. We have been online since January 2003. We do 90% of our business online, so there will literally be a handful of brokers who will not be able to access it. If someone can&#39taccess us, we will help them to get […]

Pink calls for lender code to cover transition period

The Lichfield-based mortgage distributor has called for the Council of Mortgage Lenders or the Intermediary Mortgage Lenders Association to issue a clear code of practice as lenders adapt to the changes that will take place. Dev Malle, associate director at Pink, says: “Many lenders have their own processes in place making this a confusing time […]

A warning about network tactics that lie ahead

As Mortgage Day approaches and the rush to join networks begins, I have a warning about the dodgy tactics likely to be employed by some networks. I have been a member of an L&G-backed network for the past three months after embarking on a new venture under my own banner for the first time in […]

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Guide: Johnson Fleming’s managed auto-enrolment service for SMEs

Johnson Fleming has launched its new managed auto-enrolment service, designed to support SME businesses of up to 250 employees. The managed auto-enrolment service is not just about providing businesses with a software system for them to manage themselves, but more about outsourcing the administration of the project and scheme to Johnson Fleming’s auto-enrolment staff.


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