View more on these topics

Appointed reps regime to extend to mortgages

The Government will extend the appointed representatives regime to the new regulated activities of advising and arranging regulated mortgage contracts.

Details from the Treasury&#39s Regulated Activities Order consultation paper published today reveal that no respondent had a fundamental objection to extending the appointed representative regime to mortgages.

But it says many were concerned with the detailed rules that may surround the regime.

A spokesman for the Treasury says: “These matters are for the FSA who will be consulting on the issues in due course.”

The FSA is expected to release its next consultation paper on Monday.

Respondants to the consultation were concerned that under FSMA 2000, a person cannot be both an authorised person and an appointed representative of an authorised firm. As a result, the regime might have the effect of restricting consumer choice in the market place.

Recommended

Royal Bank of Scotland profits up 15%

The Royal Bank of Scotland Group has reported a 15% increase in profit in its half-year results, although bad debt provisions soared 77% compared to the first six months of 2001. Nonetheless, the group&#39s results are solid overall and went some way to ease fears about bad debts in the UK banking sector. RBoS profits […]

Home reversion to escape regulation

Home reversion schemes will not join mortgage-based equity release products under FSA regulation, the Treasury announced today. The Treasury does not consider that is has the power to give the FSA responsibility for regulating home reversion products, which are equity release schemes that involve the sale of the property by the &#39borrower&#39 to the person […]

Intelligent Finance joins sales and marketing forces

Intelligent Finance is integrating its sales and marketing teams. Ian Jeffery, currently sales director, will head up the new team as sales and marketing director from the end of August. Angela McIntosh, marketing director at Intelligent Finance, will be retiring at the end of August but has agreed to remain with the bank in a […]

Inflation report puts rate cut on cards

Prospects of a further drop in interest rates have improved after the Bank of England revised forecasts for inflation downwards in its latest quarterly inflation report. The Bank now predicts that UK inflation is set to remain below its target of 2.5% for most of the next two years. This means the Bank&#39s rate-setting Monetary […]

Newsletter

News and expert analysis straight to your inbox

Sign up