The Association of Mortgage Intermediaries has offered its support to the Financial Services Authority’s consultation on depolarisation but says changes still need to be made.The FSA has announced plans to consult on the impact of depolarisation and its disclosure documents in October and has instructed advisers to comply with its rules on disclosing product charges until then. The move is part of the FSA’s consultation on the Markets in Financial Instruments Directive. Within this, the regulator is proposing to maintain the menu of charges and the Initial Disclosure Document while it continues to undertake the post-implementation review of the regime, which was announced when the new rules were introduced. Rob Griffiths, associate director at AMI, says: “We’re supportive of the FSA’s position. While we recognise that the menu of charges is far from perfect and is complex, we would not wish to see its removal. “Under MiFID, firms could be allowed to disclose information as they wish and we would prefer to see a level playing field maintained. “At present every advisory firm must disclose services, scope of advice and remuneration upfront. With MiFID there is no such upfront ‘shopping list’ menu requirement. We do not want to see MiFID firms operating on different standards, given that firms are subject to the same standards now.” He says that by June the FSA should have completed its review and there may be substantial changes. The FSA says it is approaching the review with an open mind.
From Thomas ReehFollowing a brief surge in popularity, interest-only mortgages are generating a lot of negative interest in the media. Interest-only mortgages have had a bit of an image problem since the endowment mis-selling problems of the 1990s. Acres of newsprint are still devoted to the problems faced by people who were mis-advised and found […]
Flexible-mortgage.net has appointed Arron Bardoe as sales director.Bardoe has moved into the IFA sector after several years, initially with The Woolwich & more recently as a business development manager with Legal & General.Bardoe will be responsible for the continued development and on-going growth of the existing team, as well as actively recruiting new business partners.David […]
Pink Home Loans 12th Pink 1000 Index Survey will be launched on Tuesday September 29. It will be asking registered intermediaries to provide their thoughts and opinions on interest only mortgages and will run until Tuesday September 12.The intermediaries who take part will have the opportunity of winning an Archos Gmini, a high tech video […]
From Thomas Reeh Is it me or are others also getting tired of Isabelle Kassam’s rants on subjects she clearly has a poor grasp of? Her gem of August 21 was entitled ‘Interest-only trap could snare FTBs’. Kassam is selective in her use of Council of Mortgage Lenders facts and not surprisingly brokers are held […]
What does a well-diversifed portfolio look like? What were the quarterly trends in model portfolios in Q4 2015? The Portfolio Barometer highlights trends uncovered by analysis of 210 model risk-rated portfolios managed by UK financial adviser and wealth management firms in the three months from October to December 2015. The model portfolios under review were […]
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