View more on these topics

Initiatives to boost advice take-up

The government has unveiled a raft of exemptions from the Financial Services and Markets Act to promote the take-up of advice.

Off the back of the chancellor’s pre-Budget statement, the Treasury has unveiled three key measures to tackle issues such as debt and barriers currently stopping small, high-growth firms from attracting the funding.

Citizens Advice Bureau and similar advice centres will be exempt from FSA rules as many are wary of giving financial advice for fear of being caught by the FSMA.

Stephen Timms, financial secretary to the Treasury, says: “Many people with debt management problems find it difficult, if not impossible, to access advice from FSAauthorised persons, given their financial position. Yet 6.9 million families report some difficulties in meeting their debt repayments.

“This deregulatory reform will enable advice centres to raise people’s levels of awareness and understanding in financial matters, enabling them to manage their finances better.”

Employers will also be exempted to encourage them to offer pensions to their staff.
Small, potentially high-worth firms will also be deregulated, allowing them to self-certify that they have sufficient funds.

James Cotton, mortgage specialist at London & Country, says: “It will work as a good starting point to take anyone with financial problems through their general situation. Such firms can point them in the direction of more specific advice from people authorised by the FSA.”


Charcol warns of interest payment rises of at least 1%

Charcol is warning borrowers to expect interest payments to increase by at least 1%.With four interest rate rises this year, borrowers could see their interest payments rise by around 20 to 25%. For a typical mortgage of 100,000, those on annual review could find their monthly interest payments rise by 83, equating to 1,000 over […]

Nine out of 10 think lenders are honest and fair

At its annual conference today, the Council of Mortgage Lenders revealed topline results of new consumer research showing that 90% of people who took out a mortgage in the last two years think their lender deals with them openly, fairly and honestly.Nearly three-quarters of the 1,523 recent borrowers interviewed by BMRB said they thought it […]

PTI questions viability of networks

Personal Touch Insurance is calling on intermediaries who have opted to join other networks to consider whether they have made the right decision for the futureof their business.Mike Allison, managing director of Personal Touch Insurance, says: “On Mortgage Day 2004, PTI emerged as the financial services network with the largest number of mortgage appointed representatives […]

GMAC-RFC in 100m portfolio sale to E-Mex

GMAC-RFC has completed its fourth portfolio sale to E-Mex Home Funding, a wholly owned subsidiary of Cheshire. The 100m deal was comprised of a blended pool of mainstream prime, self-certified and buy-to-let products and was completed on the December 3, 2004.Craig Beresford, head of asset sales at GMAC-RFC says: “GMAC-RFC continues to lead the UK […]

Who cares?

By Tracey Dickson, marketing consultant There are almost 7 million carers in the UK – that’s around 10 per cent of the population who provide unpaid care for a disabled, seriously ill or older loved one.1 But according to a report from the charity Carers UK, 20 per cent of people providing 50 hours or more of care […]


News and expert analysis straight to your inbox

Sign up