MORTGAGE brokers could be forced to reveal the commissions they earn for arranging home loans under ...
MORTGAGE brokers could be forced to reveal the commissions they earn for arranging home loans under proposals announced yesterday by the Financial Services Authority says the FT.
Both brokers and lenders welcomed the City watchdog's plans to regulate brokers' advice to consumers for the first time - but warned that in some areas it might not go far enough.
The proposals cover mortgages and other products where there is a first charge over the borrower's residential property, such as home improvement loans, debt consolidation loans and secured credit cards. Also included would be some types of equity release loans. The FSA said it was not planning to take over regulation of buy-to-let mortgages.
ANALYSIS in the Times argues that the housing market bubble is merely an illusion.
According to the Times, the two-tier nature of the UK housing market is becoming even more starkly apparent: house price inflation among the most expensive 25% of UK houses is receding - from a peak of more than 20% in mid-2000 to its current level of just under 5%.
Conversely house price inflation is rising among the least expensive 25% of houses (from less than 5% in early 2000 to more than 15% today). The most expensive houses, being concentrated in London and the South East, are reacting to falling confidence and bonuses in the City and related businesses. The least expensive 25% are reacting to falls in interest rates.
UNDERWRITERS are forcing businesses to take out additional insurance with them in order to obtain employers' liability cover, says the Daily Telegraph.
As capacity rapidly dries up, insurers are dictating terms and cherry-picking the risks they want, leaving thousands of businesses the choice of paying premium increases of up to 1,000pc, trading illegally or not at all.
David Bishop, parliamentary officer for the Federation of Small Businesses, said: "Insurers are in a no-lose situation. If it is a less hazardous sector they will only take on employers' liability if they can get the rest of the business as well.
GERMAN Chancellor Gerhard Schröder courted controversy yesterday as he claimed a proposal for a tax amnesty on savings illegally taken abroad to avoid high German taxes could help fund job creation, says the Scotsman.
"It's better to have people working in Leipzig than money sitting in Liechtenstein. That's the principle," said Schröder, who trails conservative rival Edmund Stoiber in polls ahead of September elections.
Government data in 2001 showed German individuals and businesses held 960 billion (£613 billion) abroad, excluding direct investments and trade credits.
AND top US business schools will be invited to open satellite colleges in Scotland to train the country's next generation of top sales and marketing executives under proposals being discussed by Scottish Enterprise (SE), continues the Scotsman.
It is believed Robert Crawford, the chief executive of SE, has sounded out two Scottish universities to determine whether they would be willing to run marketing-focused courses in conjunction with their leading US counterparts.
The initiative would be subsidised by SE and the private sector.
It is understood that the economic development agency is in the process of contacting financial institutions, including Royal Bank of Scotland, to see if the idea is viable.
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