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Mortgage complaints to FOS dwindle
Mortgage complaints to the Financial Ombudsman Service are likely to decrease in 2010/2011, after figures show it has only received 1,721 complaints in Q1.
Nationwide rate rise may breach consumer regulations, says Which?
Nationwide Building Society may be in breach of consumer regulations with a 1.5% rise in their mortgage rate on September 1, says Which?
Lloyds stops selling PPI
Lloyds Banking Group has scrapped sales of all its Payment Protection Insurance products from last Friday.
Hoban unveils plans to disband FSA
Mark Hoban, financial secretary to the Treasury has today launched the government’s consultation on the implementation of reforms to financial regulation, which it estimates will cost the industry £50m to implement over three years.
FOS could double client redress fine limit to £200,000
The Financial Ombudsman Service may double the amount it can make a firm pay in client redress to £200,000, warns City law firm Reynolds Porter Chamberlain LLP.
FSA ban on self-cert and fast-track will benefit RMBS, claims Moody's
The Mortgage Market Review will have a positive effect on residential mortgage-backed securities, claims Moody’s.
Brokers who issue combined IDD may breach FSA rules
Brokers who have issued Combined Initial Disclosure Documents to cover mortgage and insurance advice may be in breach of Financial Services Authority requirements.
FSA gets beefed up enforcement powers
The Financial Services Authority is implementing new powers granted by Financial Services Act 2010 which allows it to suspend firms or individuals who have carried out controlled functions without the necessary approval by the FSA.
Maximum FOS award could rise to £200,000
Independent financial advisers could be at risk if the maximum award handed out by the Financial Ombudsman Service could double to £200,000 warns City law firm Reynolds Porter Chamberlain LLP.
Make a stand: Sign our petition to save brokers
Mortgage Strategy is fighting for the industry by launching an online petition to ensure the survival of mortgage brokers, following proposals in the Financial Service Authority’s responsible lending paper.
MMR will compress lending, warns Moody’s
Moody’s Investor Services has warned that the Financial Service Authority’s proposed changes to mortgage affordability will reduce the supply of credit to the housing market and compress both lending volumes and margins.
FSA fines a third mortgage firm for failures in arrears handling
The Financial Services Authority has fined a third client of mortgage servicer HML for poor treatment of customers in mortgage arrears.
FSA cancels permissions of three advisers
The Financial Services Authority is cancelling permissions of three financial advisers after failure to pay fees.
FSA bans broker for aiding money laundering
The Financial Services has banned Scott Robert Merrell from Leicester after he was found submitting false mortgage applications to lenders, in order to facilitate the laundering of money obtained by drug trafficking.
Securitisation made market less stable, says FSA
Adair Turner, chairman of the Financial Services Authority says the demand that used to exist for securitisation may never return because it made the market less stable.
MMR: FSA plans could make families mortgage prisoners, says AMI
The Association of Mortgage Intermediaries says it has concerns about the timing of the Financial Service Authority’s proposed changes to responsible lending and that the plans could make many families either property or mortgage prisoners.
