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CML says EU directive is a threat

Speaking at last week&#39s discussion at the House of Commons, Financial Capability: Making informed decisions about mortgages, Coogan pointed out the potential consequences if the directive ends up including mortgages.

He told attendees: “This directive is the biggest threat to the industry and will unwind everything that has been done. It should not include mortgages and UK lenders should be excluded.”

The Consumers&#39 Association aso says it hopes the directive, currently being redrafted, will not include mortgages.

John McFall MP, who chaired the discussion, says he will be discussing the directive at a Treasury Select Committee meeting over the next three to five months and is awaiting input from the CML.

The fear is that the directive could override all the regulations the Financial Services Authority is introducing on mortgages.


House prices fall for third month, reveals NAEA

Over three quarters of estate agents confirmed that they believe prices have reached their peak. Asking prices were on average 1.3% lower than the previous month and, further confirming the much-anticipated slowdown in the market, the annual increase in house prices was 8.5%, down from 10.3% the previous month. In addition, 79.6% of estate agents […]

Jet-to-let scheme takes off

Oceanico has joined forced with Barclays bank to offer a tailored mortgage on its developments in Lagos, Portugal. The deal offers a two-year interest rate free period combined with a two-year capital repayment holiday, dependent on a 30% deposit. Oceanico says that with a strong lettings market, buyers also stand to make enough for the […]

The Mortgage Union gains full authorisation from the FSA

Philip Head, managing director of The Mortgage Union says: “I am delighted to have received the authorisation, especially for all those ARs that have already committed themselves to The Mortgage Union. We have a broad product offering and a ground breaking software system, Xplorer, that researches the mortgage product, life assurance, GI and produces all […]

Survey reveals firms are failing in the compliance stakes

Directly authorised mortgage companies and individuals are failing to ensure that they are in a position to deliver a compliant sales infrastructure by Mortgage Day. A Professional Mortgage Network survey of 400 organisations that are to assume directly authorised (Principal) status under the FSA&#39s statutory regulatory regime reveals that: •81% of directly authorised respondents have […]

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FCA Retirement Income Market Data

Last week the Financial Conduct Authority (FCA) published their collected data under the above title for the period July-September 2015. It should be admitted that ordinarily such a set of figures would hold little appeal for either this article or our readers. Yet these are far from ordinary times for pension savings (and the employers that sponsor same). […]