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Excessive fee rule

The FSA intends to introduce a rule on excessive fees for mortgage advice or arranging, similar to the excessive charges rule that exists for investment business.

The regulator says this will help set standards for the prevention of high-pressure selling, excessive charges and inducements.

The FSA has proposed that a responsible lending rule remains valid for non-advised sales, but suggests that it should not apply to advised sales as the proposed suitability requirements will require that the adviser considers the affordability of a mortgage.

To avoid dual regulation, mortgages that meet the definition and which could presently be regulated under the Consumer Credit Act will become the FSA&#39s responsibility when the new regime goes live.


Arsenal tie up deal with Bank of Scotland

Arsenal has teamed up with Bank of Scotland to launch the &#39Your Financial Arsenal&#39 range of financial services Your Financial Arsenal will also give supporters of the club the opportunity to show their affinity to Arsenal and gain from a range of exclusive benefits. Thousands of fans already carried Arsenal-branded credit card issued through Bank […]

Housing market enters cooling-off period, claims Rightmove

Rightmove&#39s first ever Real-time Property Report shows that the housing market has entered a natural cooling-off period after the strong growth of the past 12 months. The report found that the rate of growth of asking prices nationally has fallen in four consecutive months, with monthly price inflation declining from 4.5% in April to 0.8% […]

FSA considers scheme

The FSA is considering several ways of implementing the appointed representative regime to mortgage advice, despite fears it could restrict consumer choice in the market place. Under the new regime, brokers will have to choose between direct FSA authorisation and appointed representative status, where an authorised firm will take responsibility for compliance. CP146 indicates there […]


Skipton offers self-build finance via BuildLoan

Skipton Building Society has become the latest lender to join the BuildLoan self-build mortgage lending panel with an exclusive flexible two-year stepped discount mortgage. The key features of the BuildLoan self-build mortgage are: * Up to 95% of land purchase, so clients only require a minimal deposit to buy their land. * Up to 95% […]

Embrace simplicity!

By Fiona Holmes, proposition communications manager When I first took out critical illness cover, I was overwhelmed. It wasn’t just the form filling, it was finding out about the sheer number of illnesses I was covered for. Did it give me peace of mind that I was covered for neuromyelitis optica or systematic lupus erythematosus? […]


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