News analysis: Calls for reform of FOS mount
By Leah Milner 6
th April 2021 12:04 pm
There are mounting calls for the Financial Ombudsman Service to be more transparent and accountable amid controversy over its complaints backlog.
Last week, a report by the Institute for Economic Affairs branded the complaints body “unfit for purpose” and made a case for “major reforms”.
The Association for Mortgage Intermediaries agreed with many of the think tank’s findings and has also called for structural changes.
In December, FOS admitted to the Treasury select committee that it was dealing with a pipeline of more than 23,000 open cases that are more than two years old. Industry commentators have asked how the service will be able to clear this workload as well as the high case numbers resulting from the pandemic when it is also in consultation with staff about cutting 150 roles.
Lucy Brown: Lockdown isn’t holding innovation back
By Lucy Brown 17
th February 2021 4:24 pm
Despite the continuing lockdown, it’s great to see insurer innovation isn’t being held back.
To kick off 2021, MetLife released its new, simplified income protection product, MortgageSafe. It’s designed for customers looking to protect their mortgage against accident or illness and aims to be simple and easy to understand.
MortgageSafe offers three levels of cover and is backed up by a quick application process with limited medical questions and no financial underwriting. It’s especially beneficial for the self-employed and those seeking a quick and seamless protection solution. A customer can choose to cover all or part of their mortgage payments up to £1,500 per month, with a 12- or 24-month benefit period. There is also the option to add cover for children.
(pictured) as a non-executive director.
Prior to his appointment, Copland founded Pink Home Loans and spent worked as director of TMA and as director of mortgage services.
In addition, Copland also spent ten years as LSL’s representative on the board of the Association of Mortgage Intermediaries, and more recently as the deputy chair.
Kevin Hindley, chief executive of Fluent Money Group, said: “It is a privilege to welcome David as a non-executive director.
“His experience in the industry is second-to-none and he will add real value, supporting us with our growth strategy as we progress with our ambitious expansion plans to drive new channels and greater market share.
Comment: The role of technology in providing protection
By Paul Yates 22
nd December 2020 3:35 pm
It’s been a year of ups and downs for the mortgage industry. The property market deep freeze at the height of the Covid-19 pandemic hit the sector hard, but then we saw house sales jump to new heights in the summer thanks to a combination of pent-up demand and the government’s stamp duty holiday.
Thankfully, the positive trend has continued into the winter months. According to the latest Rightmove house price index, sales are up 44 per cent compared to December 2019 and it looks as though there will be a rush of activity in early 2021 as people try to complete ahead of the stamp duty holiday deadline.