Payne's Blog

Nigel Payne is the managing director of Assurant Intermediary which specialises in delivering a range of general insurance products to the broker and intermediary market.

With over 20 years experience of the mortgage industry including senior roles at BM Solutions and TMB, Nigel is a well-known figure within the industry. A regular contributor to the financial trade press, he is also the general insurance and protection guru on the Marketing Innovation Forum

Hung up on Compromise?

20 May 2010

Well the initial dust has settled on the Election and we are facing a coalition. The question is what it means for those of us involved in the UK housing and mortgage market.

Policies that were set out in the Conservative and Lib Dem manifestos may not go forward as planned, and where they do they are likely to be compromised through negotiation.

What of the FSA the RDR and the MMR? The most outspoken person on banking in both parties was Vince Cable and he will no doubt have a big say going forward in the debate given his role as Business Secretary.

I have come across Mr. Cable before when HBOS acquired Birmingham Midshires, and to say he was anti the deal is a bit of an understatement. What he doesn't like is big companies (or banks) with a lot of power.

He may well consider that the FSA, RDR and MMR are targeting the industry at a micro level and want to move legislative activity to a more macro level.

What could this mean? Splitting banks between retail and corporate lending; forcing banks to lend in certain sectors; stopping banks lending at the end of the risk spectrum; regulating the product rather than the advice given; bringing greater transparency to product fees and charges, and more incentives for saving.

We will soon find out!

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Payne's Blogs

No PPI from Lloyds - so what?
17 August 2010

A Client Bank or a Contact List
26 July 2010

Over communication? I think not
20 July 2010

Out of the woods? Not until 2012
14 June 2010

Hung up on Compromise?
20 May 2010

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