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Mortgage adviser numbers could swell 10% post RDR

Simplybiz Mortgages chief executive officer Martin Reynolds says there could be around 1,000 more mortgage advisers in the market after the Retail Distribution Review hits on 31 December 2012.


Under RDR rules investment advisers will no longer be able to charge commission and will also need to achieve a minimum level 4 status in terms of their qualifications.

If existing advisers do not meet these standards they will not be able to make personal recommendations to retail customers from 1 January 2013.

Reynolds argues that RDR will have an impact on the mortgage market even if core regulation doesn’t affect it .

The pattern over the last five years of shrinking adviser numbers could be set to reverse, with IFAs either not continuing with investment permissions post January 13 or temporarily suspending their permissions until they achieve level 4 status.

He says: “The current number of mortgage advisers is approx 10,500, we believe that this number could increase by anything up to 1,000 during 2013 as the post RDR market settles downs. With mortgage lending looking likely to increase next year we could also see a return of more competition within this sector.

“More competition means an increase in marketing and consumer awareness of the role of mortgage advisers and the benefits of taking advice. This can only be seen as a positive sign for our market.”



Govt poised to regulate payday loans

The Government is poised to regulate the payday loans sector unless it creates a robust system of self-regulation. Labour peer and Consumer Credit Counselling Service chair Lord Wilf Stevenson has pledged to lodge an amendment in the Financial Services Bill committing the Government to take action within a year. The amendment was originally rejected in […]

Gary Styles

Lenders should fight against that boxed-in feeling

We all know the last few years have been difficult for lenders and regulators alike. Unprecedented economic events and financial pressures have turned consumers and lenders into risk-averse and somewhat cautious animals. Learning from any major shock or event is to be welcomed but one wonders whether we are continuing to wage war on yesterday’s […]


Wheatley review proposes handing regulation of Libor to FSA

FCA chief executive designate Martin Wheatley has recommended the FSA be given the authority to regulate Libor as part of a wide-ranging set of proposals to ensure the rate-rigging scandal does not occur again. Given a speech today at Mansion House, in London, Wheatley recommended the Financial Services and Markets Act be amended to allow […]


Remortgaging hits 12 year low

Remortgaging accounted for the lowest proportion of gross mortgage lending since 1999, in August, according to the latest figures from LMS. Gross remortgage lending now represents just 25 per cent of total gross mortgage lending. Lending remained largely unchanged on July, falling 1 per cent, or by £32m, to reach £3.17bn. The LMS Remortgage Report […]

Apple: a stellar technology story

By Ali Unwin, head of technology sector research

Apple recently announced the highest-ever recorded quarterly net profit ($18bn), with the sale of 74.4 million iPhones helping the company deliver $74.6bn of revenue for the quarter ending December 2014. These sales were largely driven by strong demand for the new iPhone 6 and iPhone 6 Plus. Highlights included Chinese iPhone sales doubling year-on-year and unit growth of 44% in the US — supposedly a well-penetrated market. Apple ended the quarter with $178bn in cash on its balance sheet, having generated a staggering $30bn in free cash flow during the quarter.

At Neptune, we have been long-term believers in the Apple story, and continue to hold the stock in a number of our portfolios based on the company’s long-term growth prospects. This is predicated on our belief that Apple has proved thus far that it can — unusually for a consumer electronics company — maintain high margins for a sustained period of time, even as adoption of new technology slows down and competitors produce similar-specification products.


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  • Mark Stroud 27th September 2012 at 10:48 am

    They must be desparate to consider mortgage advising at present. Solar panel salemans in the north east have better prospects at present!