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Article: 'Loan cold-calling ban means big job losses'.(Brief Article)
- Article from:
- Money Marketing
- Article date:
- October 10, 2002
- Author:
CopyrightCOPYRIGHT 2002 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Mortgage intermediaries are warning that FSA plans to ban cold-calling of potential clients would cause "mass unemployment" and put firms out of business unless they can find alternative sales channels.
The proposals to prevent unprompted tele-canvassing and emailing to drum up new business, included in its near final rules section of CP146, would bring mortgage business into line with investment regulation, says the regulator. But brokers warn this would have a devastating effect on their profits and a knock-on impact on lenders' income.
Staffordshire-based remortgage broker The Black & White Group says all its business, which is 80 per cent prime and ...