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Free advice service for pensioners proposed

Financial advisers could be commissioned by the government to offer free financial advice to asset rich, cash poor pensioners following a report from a think tank.

The Institute for Public Policy Research says the Pension White Paper failed to address the issue of whether pensioners should be given help when deciding whether to sell their homes.

IPPR’s report argues that a government advice service could explain to pensioners living in big houses but on small incomes whether it is in their financial interest to trade down by selling their house and moving to a smaller one or using an equity release scheme.

It estimates this service would cost around 7m and could be staffed by IFAs working on a pro bono basis.

However, Stuart Wilson, managing director of the Equity Release Advisory Service, says: “There is an important message in this proposal. Pensioners don’t always know what their options are and this is the reason why equity release isn’t a bigger product. The question is, who funds this – the private sector or central government?”


Commitments Protection increases sales team

Commitments Protection has increased the size of its sales team with the addition of five regional sales managers and business development managers. The Mortgage Payment Protection and home insurance provider has appointed Paul Stacey to represent the company as BDM in the South-East of England and south London.Frank Edmunds is to represent the company in […]

Small mutuals play a worthwhile role

There’s recently been a flurry of deals seeing mutuals joining forces and this looks set to continue. The transactions are normally couched as mergers but in reality the big boys are swallowing up smaller rivals. It’s debatable whether this is good for customers.

TFC takes fee-free step

The Finance Centre is waiving its fixed rate 99 application fee on all Scottish remortgages and house purchases. This means customers do not pay for valuations on the property or subsequent referencing charges. To qualify for these savings, brokers must process their application through TFC’s online system, Track.

Interbay appoints Anna Bennett as marketing manager

InterBay Funding, the UK’s new commercial lender, has appointed Anna Bennett as marketing manager. The new lender, which launched in the UK last week, is backed by US company BayView Financial. Bennett joins the new team, which has headquarters on the South Coast, and brings over six years’ experience of mortgage marketing.Bennett will head up […]


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