Surveying the standards of advice given by mortgage advisers has found nearly all fail to give proper service to first time buyers a survey from the Consumers' Association suggests.
The Times writes the findings come from a “mystery shopping trip” taking in 39 advisers, of whom just 3 gave proper advice.
Those tested worked in high street banks, building societies, estate agents, and included “independent advisers”, the paper writes.
About a fifth of the survey sample did not even bother to mention the mortgage code.
The findings suggest he FSA will have its work cut out for it when it takes over responsibility for regulating mortgage intermediaries in a couple of months’ time.
ANOTHER ATTACK THAT took place yesterday was on the David M Aaron, which became the first financial adviser business to be banned because of mis-selling precipice, or high income bonds.
The Daily Telegraph writes the ban is yet to be extended to David Aaron and his sons, who are currently not authorised to work in the industry, although a fourth person, former director Andrew Jones, has been told he may only work as an adviser under supervision.
"The usually gregarious and media-savvy David Aaron, 64, who founded the business more than 30 years ago, yesterday declined to comment,” The Telegraph says.
”His decision to put his firm into voluntary administration last year meant his customers will have to go to the Financial Services Compensation Scheme (FSCS) to seek redress.
“Similar moves by RJ Temple, which had 60,000 clients and went straight into liquidation last December, and Whitechurch Securities, which put its investment services arm into administration earlier this year, have attracted criticism.”
CAZENOVE COULD become the latest delicacy to be gobbled up by JPMorganChase, the US bank that recently completed a merger with Bank One to create one of the biggest US financial services players, writes the FT
A deal would end the UK broker’s near-200 year independence, although it is believed discussions ongoing would do much to ensure independence within JPMorgan were a deal struck.
Floating Cazenove remains an option, according to statements from the firm itself, although much will rely on the state of the market and institutional appetite for such a move.
STOCK OPTIONS CURRENTLY UNDERWATER will have to be accounted for despite their worthlessness to both companies and individuals who hold the options the US Financial Accounting Standards Board has decided.
The FT reports the decision comes as many companies, chiefly in the IT sector, push for new legislation that would protect them from such accounting requirements because of the huge volume of currently worthless options issued at the height of the TMT bubble.
The FASB is unrepentant, however, stating its modelling of the future value of options would be undermined if a special exclusion were granted companies on this point.
SPARE A THOUGHT FOR the poor people of Scotland who are to get their own pornographic website curtsey of a Finnish company that has nabbed the internet address of the new Scottish Parliament.
Thescottishparliament.com unlike scottish.parliament.uk does not provide minutes of the latest debates on devolution or whisky subsidies.
The Scotsman newspaper reports the missed opportunity to register all derivatives of the Parliament’s name for internet use was only spotted after a software firm in Glasgow did checks on internet filter applications.
”It seems sad that someone appears to be attempting to cash in on all the interest surrounding the opening of the parliament, particularly from overseas,” a spokesman for the software company has said.IFAonline
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till