From Andrew HughesI read with amusement the letter from Andrew Green (Mortgage Strategy September 5) regarding holding client money. I asked the same question to an FSA adviser at a recent FSA roadshow and the reply was along the lines of, “If a client gives you cash or a cheque payable to your company for payment of a valuation this is classed as holding client money and you will need the relevant permissions and capital requirements. “But if you pay for the valuation yourself and the valuation takes place, then the client repays you with cash or a cheque payable to your company, then this is not holding clients’ money. This is classed as repayment of money owed to you.” I can picture this discussion running for some time yet.
- Top trends
- Top trends
Ashdown Lyons is moving offices on September 19. As of today, its head office address will be: St Thomas House, 41 Alexanda Road, Wimbledon, London SW19 7JZ.
From Roger Morris I am writing to express my delight and offer thanks for the most well organised industry event I have had the pleasure of attending. The Mortgage Summit, held earlier this month in Jerez, Spain, added value for everyone who attended. From an em perspective, the myriad of rewards from attending have been […]
Managing director Bill Dudgeon and director of sales and marketing Mark Bergin have quit The Mortgage Business along with fellow directors David Parry and Paul Graham.All four are leaving to go to Deutsche Bank, for yet to be named positions although it is widely tipped they will be launching a new specialist lender into the […]
Figures released by the Financial Services Authority last week show a number of small mortgage brokers are not up to scratch when it comes to advising on sub-prime. The regulator says it has found too many cases in which firms are unable to show that they had followed the required procedures relating to suitability. It […]
Steve Webb, Director of Policy and External Communications, Royal London New analysis by mutual insurer Royal London has found that over three million people working for larger employers are failing to take up around £2bn a year which their employers have offered to contribute to their workplace pension schemes. In many workplaces, workers pay a […]
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