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AR firms on the rise again as figures show small increase

The number of appointed representative and directly authorised mortgage firms is on the increase, according to FSA figures.

In March 2012 there were 2,383 AR firms operating in the market compared to 2,434 at the end of September, an increase of 2.1 per cent.

At its peak there were 5,123 AR firms operating in the market.

There are now 5,055 DA firms, a 0.9 per cent increase on the 5,007 in March.

Association of Mortgage Intermediaries chief executive Robert Sinclair says: “In a world that still lacks good news, this is a small beacon that indicates we have reached the bottom and started to climb back up the slope.”

Coreco Group director Andrew Montlake says: “As the market starts to improve you are bound to get more people coming back to it. It is only a small jump but it is promising and over the next few years, we can expect to see the figures creep up further.”


MS 3Dec cover index

Black mark for payday loans

Payday loans are a booming business but now lenders are divided on whether anyone who has taken out one of these loans should be accepted for a mortgage.

Aviva sign 480

Aviva cuts 120 more UK jobs

Aviva is shedding 120 more jobs in the UK as part of its £400m global cost-cutting drive.

Lloyds sets out options for reform of proc fee structure

Decision-in-principle to application ratios will not form part of any changes Lloyds Banking Group makes to its procuration fee structure. Lloyds director of strategic partnerships Peter Curran says a final decision on whether to pay proc-fees based on quality has yet to be made. But he has ruled out using DIP levels as a metric […]

Japan Economic Insight

James Dowey, Chief Economist, and Paul Caruana-Galizia, Economist

The conventional wisdom is that following a roughly 50 per cent rise in the stock market in 2013 in Yen terms, the Japan trade is over and done*. So the story goes, those big gains were due to a one-off boost from quantitative easing (QE) and a depreciation of the Yen — policies that one should think of as a palliative to Japan’s economic weakness, but not a cure. Rather the cure, and by implication the necessary condition for a longer-term investment case, is deep structural reforms — a painstaking re-weaving of Japan’s economic and social fabric, no less. The story continues: this is a much tougher test than launching a blast of QE, and one that prime minister Shinzo Abe, although well intentioned and well supported by the public thus far, is likely to fail. Stick a fork in Japan, it’s done…continue reading


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