From Simon MouncherWe are now a year into regulation and the market seems to have settled well. Every week we read reports on record levels of business so the doom that was expected, along with the end of packaging, hasn’t happened. Or has it? For the past 12 months lenders have talked about cutting the number of packagers they allow but this hasn’t happened, so is it a case of all talk no action? Not quite. Remember lenders are investing heavily in online binding decisions. This is clearly a way to make the job of a packager easier and allow them to process more work. Pull the other one. Are we really expected to believe that with the millions invested won’t be used as a tool to attract business direct from the broker market? Michael Bolton must be sat in his garden reading his copy of Cosmopoliton with a wry smile on his face wondering when lenders are going to come out of the closet and reveal their intentions. So not only has the packager had to deal with regulation and the increased costs that come with it, it now has to compete not only in its own market, but now against the lenders too. As the Financial Services Authority is encouraging full disclosure and championing the Treating Customers Fairly initiative surely it is time for lenders to stand up and do the same. Or are they waiting until all their developments of technology are in place and all brokers have been visited before they start the cull?That seems a fair way to repay the loyalty of packagers who have made them what they are today. It is only with the emergence of packager collectives such as RAMP and PMPA to name but two, that there has been strength in numbers. Pity the poor little packager who has provided an excellent service to his brokers for years. His days are very much numbered. I would encourage these packagers to be active and approach their lender panels and ask for clarity. If this is not forthcoming I would suggest they talk to one of the larger packagers about satellite packaging. Maybe it’s time Mortgage Strategy approached all the main lenders in the sub-prime and specialist lending markets and asked them to publish their strategy and opinions on the market. This would make interesting reading.
OpenBook, the Home Information Pack provider, has been asked by the ODPM to trial HIPs across the UK in the run up to the official dry run in June 2006 to ensure effective implementation in 2007. OpenBook will be offering HIPs throughout its 41 member agents in the UK immediately. It says 98% of its […]
Sesame has chosen Assureweb to power its Select multi-tie proposition in a deal designed to offer increased efficiency for advisers throughits e-enabled service. The Select proposition offers a broad rangeof products from AXA, Legal & General, Norwich Union, Prudential and Standard Life.
Huntswood, the provider of professional services to the retail financial services industry, has announced its sponsorship of the Financial Services Forum’s new regulatory strategy group. The group will focus on the strategic issues and challenges that come with increasing regulation, and is aimed at those who are responsible for their companies regulatory strategy. The group, […]
Rooftop Mortgages will be introducing its six strong business development managers team at Mortgage Business Expo London on November 16 and 17. The team consists of Jim Baker for the North-West, Mia Bristow for the South-East, Richard Clare for London and Anglia, Charlotte Holley for Central, Mandy Jones for the south Coast, and Steve Wanstall […]
By George Boyd-Bowman, Manager of the Neptune Global Income Fund Recent research has indicated that global dividend growth will slump by as much as 50 per cent in 2016. As collapsing commodities hit high-profile dividend payers, George Boyd-Bowman explains why the US and Japan are his top picks for income growth in 2016. Click here […]
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