View more on these topics

Mortgages Direct calls for industry cooperation on KFIs

Mortgages Direct is supporting the Financial Services Authority decision to conduct a review of Key Facts Illustrations.

Peter Gladdy, director of Mortgages Direct, says: “I’m relieved to see that the FSA are addressing the pressing issue of KFIs but there’s still a lot to be done.

“The whole point of producing these documents was to make it easy for borrowers to shop around and compare different mortgage products.

“But at the moment there is a complete lack of consistency.

“Some KFIs are just a few pages long while others are overcomplicated and can be as much as 12 or 14 pages in length, making it nearly impossible for people to compare like with like.

“There are also continuing problems with some lenders refusing to verify data on sourcing systems to encourage use of their own systems.

“This means a lot of rekeying for intermediaries, causing significant delays.

“The FSA’s review is a step in the right direction but I believe that as an industry we, lenders and intermediaries, urgently need to get together to put agreed ‘best practice’ guidelines in place for KFIs.”


F&C waives initial ISA charge

F&C Asset Management plc is waiving the 50 + VAT initial charge on its Investment Trust ISA. The offer runs from January 1 until May 31 2005, which means that investors can invest up to 14,000, making the most of the current tax breaks available for this tax year and next.Georgette Harrison, director of marketing […]

PMI Europe appoints senior adviser

PMI Mortgage Insurance has appointed Alberto Costantini as senior adviser to the company in Italy. Costantini has several decades of banking practice at the highest levels, with extensive experience within the mortgage community in both Italy and across Europe.In his role with PMI, Costantini will support PMI in refining and executing its Italian strategy. He […]

Median Insurance joins Monument

Lloyd’s broker Monument UK, part of the Primary Group, has announced the acquisition of the business of Median Insurance Management.Established just 18 months ago by Aidan Plumridge and Charles Coburn Median Insurance specialise in the placement of personal lines based facilities, in particular creditor, term life and health insurance. Thecompany will form a new division […]

The dawn of a new era for Charcol

Last week saw a curious mix of optimism and disappointment in the mortgage market. The year’s most exciting deal was finally brought to a close with the sale of Charcol by Bradford & Bingley to a team including the brokerage’s charismatic founder John Garfield.Mortgage Strategy was given the first interview with Garfield just hours after […]


News and expert analysis straight to your inbox

Sign up