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All change for independence

For firms to describe themselves as independent after Mortgage Day, they must offer consumers a purely fees-based payment option.

David Whitely, press officer for the Financial Services Authority, says: “If this is how the consumer chooses to pay, any commission received on a sale will have to be paid to the consumer.”

London broker Alexander Hall focusses its advertising campaign on no-fee, independent advice.

Andy Pratt, Alexander Hall chief operating officer, says: “We are considering how to change our stance. Alexander Hall will definitely remain independent but obviously we are looking at offering consumers fee options. Future promotions will concentrate on choice, rates and independence.”

London & Country is another independent, no-fee mortgage broker. Its mortgage expert David Hollingworth says: “The FSA ruling on this will affect all brokers in terms of rebating commission. Talks are ongoing at L&C and there are important changes in prospect.”

Independent firms can also offer a fee and commission mix as an optional alternative to a pure fee-based payment.


Pinnacle launches bond

To mark the launch, Pinnacle has a special offer paying up to 4.68% net monthly income for a three-year term. This is equivalent of up to 6.24% gross for higher rate taxpayers. The minimum investment is £25,000. Both capital and income payments are guaranteed providing the bond is kept for the full investment period. Kathy Byrne, […]

Top ten tips for giving your house the edge, when selling

With house prices falling nationally for the first time this year it is vital that anyone looking to put their property on the market has the edge when it comes to selling it. The average national house price fell by 0.1% in July according to Hometrack property research company. However, it is not expecting a […]

Network Data launches exclusive products funded by Abbey

Details of the products are as follows: 4.64% two year stepped rate tracker at 0.11% below Bank of England in Year one and 0.49% above in year two, reverts to SVR currently 6.75%, with no extended tie in and included remortgage package. Network Data will pay 0.25% procuration fee for paper applications and 0.30% for […]

ARs and the state of independence

Just as brokers are making their final decisions about which network to join after wading through piles of marketing material, a new issue has surfaced that could influence the route they take. It emerged at the end of last month that networks are divided over whether they want their members to avoid calling themselves independent […]


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