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FSA consults on depolarisation

The Financial Services Authority will be consulting on the impact on depolarisation and its disclosure documents in October.

The move is part of the FSA’s consulation on the Markets in Financial Instruments.

Within this, the regulator is proposing to maintain the Menu and the Initial Disclosure Document while it continues to undertake the post-implementation review of the regime which was announced when the new rules were introduced.

The FSA will carry out an assessment of how well the regime is performing in meeting the objectives to provide consumer protection, help consumers shop around and ensure that they have access to a wide range of good value products.

The FSA says it is approaching the review with an open mind and will make substantial changes to the Menu and IDD if appropriate. It expects firms to adhere to the rules currently in place while the review is being undertaken.


Prepare for the era of enforcement

At the end of July we saw the first example of the Financial Services Authority disciplining a senior manager of a mortgage and general insurance firm for failing to carry out his duties as a director. Having experienced the initial period of grace during which the FSA allowed mortgage and general insurance firms some leeway to get themselves in order, this enforcement action against a director is a sign that a tougher stance is to be taken from now on.

Cost of becoming a homeowner worst for over two decades

The cost of becoming a home purchaser and the ongoing cost of owning a home is almost the worst for over two decades and will get worse, says the Royal Institute of Chartered Surveyors. It also predicts that house prices will rise by 10% in the next two years.An accessibility index developed by RICS reveals […]

Swift not to pass on base rate increase

The Swift Group has revealed it will not pass on the increase in the bank base rate to new borrowers applying for its range of secured loans, and will instead absorb the costs. The recent bank base rate rise is the first in two years and some lenders have been quick to raise their secured […]

TMB revamps product range

The Mortgage Business has revamped its self-cert, house to house and multi buy-to-let products. Managing director Nigel Payne says: “This is the result of packagers telling us what they need to provide an edge for their customers.”

Stop letting targets get in the way of delivery

The positivity at RESI was pleasing to see, with lots of encouraging discussion about the private rented sector (PRS), the possibility (or hope) of stamp duty cuts on the way in the Autumn Statement and the general prospects of residential property in this post-Brexit vote world. However, that positivity was often tinged with some negativity […]


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