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FOS might drop case fees

The Financial Ombudsman Service is looking to increase the general levy – at present only 25 per approved person – and do away with the 360 case fee altogether.

At a dinner for the Association of Independent Financial Advisers last week Sir Christopher Kelly, chairman of FOS, told attendees: “Some 14% of complaints we receive are about IFAs. Of these only 20% are upheld by FOS. In four out of five cases we sided with firms.

“Out of 100 cases, only 30 went in favour of the complainant and only three were to do with IFAs.”


SPML completes 400m securitisation

Southern Pacific Mortgage Limited has completed a 400m securitisation of its mortgage assets, consisting of 85% first charge and 15% second charge mortgages from across its light adverse and sub-prime product ranges. The securitisation was arranged and lead-managed by Lehman Brothers, who were joined by UniCredit Banca Mobiliare as co-manager. Notes were issued in US […]

OFT to conduct study into PPI

The Office of Fair Trading is to carry out a market study to look in depth at the payment protection insurance sector. The market study, which is the outcome of the OFT’s consideration of a super-complaint from Citizens Advice, will be launched early in 2006.PPI is applied to a number of credit products, including mortgages, […]

Mortgage Match to offer L&G protection range

Packager Mortgage Match has recently signed an agreement with Legal & General enabling it to offer homeowners a range of protection products to complement their mortgage. The range consists of:* Buildings and Contents insurance .* Mortgage term and decreasing term assurance.* Mortgage critical illness and decreasing critical illness cover.* Accident, Sickness and Unemployment cover.* Mortgage […]

Financial institutions to change way cheques are deposited

Banks and building societies have announced changes to the way they handle cheques that are payable just to a bank or building society, as a further measure to reduce cheque fraud. They are now embarking on a campaign, to ensure customers money gets to the right account.From next year people will need to add further […]


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