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Non-conforming ad rules

Lenders and intermediaries advertising non-conforming mortgages will face new rules on advertisements and financial promotions if FSA proposals for regulations are implemented, writes Ben Stafford.

As well as laying down its approach to “qualifying credit promotions” including brochures, advertisements, websites and telesales calls, the regulator says that though most lenders opposed further requirements “considerable numbers also supported specific requirements in relation to impaired credit advertising”.

The FSA claims those lenders in favour of further rules identified the vulnerability of the target audience or the &#39reputational impact &#39 of malpractice in the sector.

Plans drawn up by the regulator include the requirement that APR charges must be given in any circumstance when the borrower&#39s circumstances limit their choice of lender.


Never too old to learn

From Neale R ScottI write as a &#39long-in-the-tooth&#39 mortgage adviser having been in the business for some 26 years. I&#39m yet to sit the CeMAP exams (first is booked for August 30), am dreading every minute until December 31, and am desperately trying to find time to study, &#39do&#39 the business and keep family happy. […]

Case against Capital Home Loans dismissed

A judge has dismissed a court case brought against Capital Home Loans. The case, brought by Chris Herbert against Capital Home Loans and another named party, was heard at Bristol County Court on Monday (August 19). The judge has dismissed the case and found that there was no case to answer against Capital Home Loans. […]

Bank call centres poorly prepared ahead of autumn tax deadline

Call centre staff at half of the UK&#39s leading banks and building societies will struggle to help many callers gathering last-minute tax return information ahead of the Inland Revenue&#39s September 30 deadline, claims a survey conducted on behalf of Macro 4 PLC. &#39Secret shopper&#39 researchers, posing as potential customers, found that call centre staff typically […]

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 […]


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