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CBI sees healthy high-street sales follow summer lull

The CBU says that growth in retail sales picked up in October, relative to the slower pace of the previous four months, but adds that growth was still slower than expected and remained well below the high rates reported in the first half of 2002.

The CBI&#39s monthly Distributive Trades Survey (DTS), says 44% of firms saw sales rise compared with a year a go, while 19% saw a fall. The balance of plus 25% is the best since May, but is still significantly lower than the average of plus 40% recorded between January and April.

The three month moving average, which smoothes out month-to-month fluctuations, therefore rose slightly but by less than expected, remaining well below the rates seen earlier this year.

As sales of the winter ranges take off, retailers hope for a further rally in sales growth in the year to November. Nevertheless retailers reported below average sales for the time of year, for the third consecutive survey. This last occurred in mid-1999.


FSA clamps down on &#39rogue&#39 broker firms

The Financial Services Authority has acted to stop three firms of financial advisers from carrying on any activities regulated by the FSA.The firms – County Down-based Gallagher & Company, Gwent-based Allan Austin Investment Services (AAIS), and Bradford-based Midgley&#39s Insurance Mortgage & Pensions (MIMP) – have all been stripped of FSA authorisation after the financial regulator […]

Moneynet warns of overpriced MPPI policies

Personal finance site moneynet has warned that many of the 2.5m homeowners that have mortgage payment protection insurance could be paying up to 33% more than they need to. Moneynet claims that mortgage lenders are taking advantage of borrowers on the basis that most are ignorant of the fact that they can shop around for […]

OFT weighs into cold-calling row

Mortgage intermediaries have been reminded by the Office of Fair Trading that cold-calling for leads for non-status customers is not permitted under its non-status guidelines.Proposals from the FSA to bring cold-calling under plans for mortgage regulation have left some brokers unaware of existing limits on cold-calling, in particular the OFT ban on cold-calling non-status clients […]

Packagers, make your voice heard

“In our book, there are only two things worse than a greedy packager. Being forced to use one. And being forced to pay their excessive and unregulated fees.” These words taken from Birmingham Midshires Solutions&#39 latest advert knocking mortgage packagers shows they sure know how to make friends and influence people.It&#39s pretty damning stuff and […]


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