The Government may be set to underpin 99% LTV mortgages in a bid to help first time buyers, through a revamped help to buy scheme, a story broken by the Independent suggests.
The Guardian quotes mortgage brokers who are taking a dim view.
Peter Stamford, the founder and lead adviser for Moor Mortgages, says there is “a risk it could once again cause the property market to overheat, driving prices up further. It’s a high-stakes gamble and could potentially fuel yet another house price bubble.”
There is a lot of analysis rather than hard news in the week's reports and updates, but much of it is useful.
New Model Adviser suggests that there may be more advice fee overhauls following SJP and Fairstone.
True Potential has paid out £372m to fund its ‘8% of assets’ deals paid to adviser firms joining the group since 2022.
It has issued more than £800m in bonds to fund these offers, as NMA reports in another excellent analysis.
This is another interesting analysis in Money Marketing. Alan Hughes, a partner, at Foot Anstey law looks at a recent FOS finding against True Potential. His summing up is as follows -
“After an adviser joins True Potential, the adviser’s clients are “bulk mailed” by True Potential telling the clients that the adviser has moved to True Potential.
“The clients may then receive a “direct offer” mailing from the adviser, acting for True Potential, concerning certain True Potential funds/investments.
“If the client transfers their current investments into the True Potential funds/investments, the adviser receives a payment from True Potential.”
FOS found this to be advice and Hughes suggests that both the FCA and FOS may see such arrangements as in breach of the Consumer Duty in future.
It is certainly worth the big consolidators and selling adviser/owners getting their heads around this.
There has been little progress in addressing sexism in the City, MPs on the Treasury committee have suggested with the regulator accused of passing the buck on making the City a safe place to work for women as FTAdviser reports.
It would be unsurprising if SDLT reliefs were extended in Budget, say tax experts,again as FTAdviser reports.
