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Brown addresses UN as US bailout package stalls

As Mortgage Strategy went to press Prime Minister Gordon Brown issued a call to the United Nations for a new world order to tackle the credit crunch.

Brown says: “The age of irresponsibility must end. We must become a new global order founded on transparency.”

This came as US President George W Bush continued to plead with Congress to give the go-ahead to the $700bn (£380.7bn) mortgage rescue scheme proposed by US Treasury secretary Henry Paulson.

The FTSE 100 closed 2% lower after news of the delay. This was despite news that the Bank of England was injecting £40bn into the market.

The US plan proposes that the Federal government buy toxic mortgage assets to reopen the financial markets.

The BBC reports that negotiations ended in a shouting match as a group of Republican Congress members blocked the plan.

But Bush says: “We are going to get a package passed.”


FSA fines broker £28,000

The Financial Services Authority has fined TBO Investments £28,000 for failing to clearly document the explanation of the risks of transactions to clients.

FSCS to give £14bn to protect B&B deposits

The Financial Services Compensation Scheme is contributing £14bn to allow retail deposits held by Bradford & Bingley to be transferred to Abbey.

Financial recruits club members

Mortgage network Financial is recruiting packagers and brokers to its recently created mortgage club.


Almost nine in 10 employers admit failings with post-DRA compliance

The default retirement age (DRA) was abolished more than three years ago, yet new research from Jelf Employee Benefits suggests that the vast majority of employers still have some way to go to fully understand, comply and communicate the landmark legislation change that prevents older employees being forcibly retired on the grounds of age alone.


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