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FSA denies BBC claims

The Financial Services Authority has denied claims that a number of banks and lenders are to be fined around 1m for mis-selling payment protection insurance.

Its denial follows claims made by the BBC that up to 10 banks and lenders are to be hit with steep fines in the coming weeks.

The FSA says that it published findings earlier this month on PPI selling practices, when it referred 10 firms to enforcement.

Among these Regency, and Redcats were each hit with fines while Eastern Western Motor Group was imposed with public censure.

The FSA says it has no idea where the claims about these 10 new firms originated from.


PACKAGING SUMMIT 2007: Packagers slam sourcing systems

The packaging community has given sourcing system Trigold and Mortgage Brain a vote of no confidence, claiming that their systems are not up to the standard they require.When asked whether either sourcing system was a useful tool in the packaging process, every packager at this year’s Mortgage Strategy’s Packaging Summit conference voted against both, calling […]

TFC offers free applications

TFC Homeloans is offering free applications and valuations on its sub-prime range. The deal applies to sub-prime products across all lenders, except Future Mortgages, that recoup TFC a gross commission of 1.5% or above. For products that don’t qualify for the promotion, TFC’s £99 application fee still stands, except for 100% products.

Packagers focus on sub-prime

Almost 90% of packagers polled by The Mortgage Business see sub-prime is the most important market segment and an area that will be vital to their business in the future. Self-cert was voted the next most important sector.

Relax chooses xit2 system

Relax Finance has chosen xit2’s Valuation Exchange to provide the online system for its panel manager Gateway Surveyors.

India rate cut – more to come?

Kunal Desai, Head of Indian Equities at Neptune Investment Management India’s stockmarket rallied this week following news that the central bank was cutting interest rates more aggressively than expected. Commenting on the rate cuts and what this means for India’s economic growth, Kunal Desai notes that there were two important details in the announcement that have […]


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