View more on these topics

FSA to act on selected proposals from Miles report

The Financial Services Authority will finally carry out some of the recommendations in the Miles report.

Professor David Miles’ report was largely seen as chancellor Gordon Brown’s attempt to find out if the UK was open to the US model of long-term fixed rate mortgages.

But UK consumers failed to find them attractive, and the report has largely been seen to have dropped off the political agenda. Unlike the Barker Review, where recommendations on increasing the UK’s property bank were welcomed, the Miles report was only briefly mentioned in the last Budget and had almost disappeared in last month’s pre-Budget report.

However, Professor Miles had other recommendations on issues that many in the mortgage industry were disappointed had not been acted on, such us the practice of lenders not offering the same rate to existing and new clients.

Clive Briault, managing director of retail markets at the FSA, confirmed last week at the Council of Mortgage Lenders’ annual conference that the FSA was acting on other aspects of the report.

He says: “Any changes we propose will be consulted on in the normal way. And we are committed to considering, in due course, Professor Miles’ recommendations on the use by lenders of cross-subsidy within their mortgage books.

“On financial capability, we have already reviewed our consumer education materials as part of the new regulatory regime for mortgages.

“On measures relating to the provision of advice and to the disclosures provided by firms to consumers, we are committed to starting a review of the effectiveness of the new regulatory regime by the end of 2005.”


Bank freezes interest rate at 4.75%

The Bank of England has today frozen the UK interest rate at 4.75%.The rate hold was expected by most industry pundits and has been welcomed.John Cridland, deputy director-general of the CBI, says: “The Bank was right to leave well alone this month. Interest rates must be held until confidence returns to the economy.“Consumers are extra […]

Number of homeless households hits 100,000

Shelter has slammed the government as the number of homeless households hits 100,000.The number of homeless households trapped in temporary accommodation has hit a record high of 100,810, says government figures, an increase of 123% since the government took office in 1997.The figures follow major government reviews which have identified homelessness as a key driver […]

Dial4aloan forced to pull National ad campaign

Dial4aloan, one of the UK’s leading direct to consumer mortgage and secured loan brokers, has been forced to pull its national newspaper advertising campaign following an investigation by the Office of Fair Trading.

Blue Sky

It is critical that you understand the point I am about to make. For if you do, neither your business nor your life will ever be the same.

Could Proptech revolutionise construction?

By Rebecca Murphy, relationship manager, LendInvest  The construction sector offers enormous potential when considering the implication emerging technologies could have on both existing processes and final results. While the completion of an entirely 3D-printed office block may be ‘sexier’ news than a new smart toolbelt that tracks the wearer’s location on site, each area of development […]


News and expert analysis straight to your inbox

Sign up