The IFA industry fears that the Treasury's proposals for mortgage re-regulation will simply push a l...
The IFA industry fears that the Treasury's proposals for mortgage re-regulation will simply push a large number of low-quality mortgage brokers into the unregulated market, The Daily Telegraph says.
It quotes IFA Charcol as saying more people are likely to be attracted to home reversion schemes, but that the regulations proposed will not cover this business area, so will leave consumers without the regulatory cover they are likely to need.
Such schemes are deemed to be contracts to sell, the paper says, meaning the Treasury left it off the list of products to be regulated.
The Times says that a new survey of the pensions landscape finds that pension funds are £70bn in the red following the stock market falls since 1 January.
The paper says this could lead to a massive outflow of cash from the equities markets, driving share prices down further.
The 20% fall in the value of stock markets since January means that 90% of UK firms are now in a hole because of FRS17 accounting regulations.
FTSE 100 companies alone account for £35bn of the total shortfall.
The Scotsman says the downwards spiral of share prices is raising the question of whether with profits policies can survive as the insurance industry keeps having to hike up MVAs.
Although there are not regulations requiring insurers to notify their customers every time there is movement on the MVA, that is not so say such requirements will not come into effect if enough people get hit with severe MVAs.
And the view increasingly put forward that consumers should not buy with profits because the money they put in will simply be used to cover depleted reserves is gaining strength, the paper says.
More companies may be forced to withdraw from the with profits market if things continue as they are, it warns.
UK businesses with secondary listings in the New York stock markets will not be bound by the tough new anti-fraud rules coming into effect there after intense lobbying by the British government, the FT reports today.
The new rules mean, among other things, that chief executives must legally bind themselves to taking the blame if problems are found in their company accounts.
Up to half the FTSE 100 would be affected by the new Sarbanes-Oxley Act voted in by US Congress recently, the FT says.
UK firms will able to opt out of much of the new legislation, the FT says.
Further evidence of the weakening housing market comes in the form of FSA chairman Howard Davies' admission over the weekend that he has sold a buy-to-let property because of fears the housing market is about to crash.
The story is highlighted in The Daily Telegraph, which says there is plenty of other anecdotal evidence, such as buy-to-lets becoming harder to sell, to support Davies' reading of the situation.
More trouble for Royal & Sun Alliance according to The Daily Telegraph, which says that estimates of its pensions liabilities have now gone as high as £750m.
The company rejects this figure, but will not say how much its own calculations are, despite the fact that many analysts now believe it is one of the worst 10 FTSE companies in this respect.
The paper says that the company will only refer to the £128m deficit reported at the end of last year, saying that that sum "has not improved".
Accountant Ernst & Young has asked that a review of the way it handled Equitable Life's accounts be put on hold until the results of a £2.6bn civil action suit are known, so as to avoid undue influence, The Daily Telegraph reports.
The Joint Disciplinary Scheme, the accounting industry regulator, is looking into how E&Y managed to not see the liabilities being heaped up, but E&Y says a negative outcome from the JDS review could influence what happens in the civil suit in which it is involved.
That suit is being brought by the new board of Equitable Life, which says the accountant was professionally negligent.
Service increasingly key
Aiming to be top three UK financial planner
Lowest measure since index launched in 1995
Complaints into double figures
Despite lower median annual earnings