The Council of Mortgage Lenders last week slammed a police report for failing to make the case that mortgage fraud is now worth £700m. While the CML says it welcomes the Association of Chief Police Officers’ report entitled Safe as houses? Organised mortgage fraud in the UK, it says ACPO’s £700m figure does not stack up. As the report’s results are based on responses to questionnaires by police and lenders, the CML says it is likely some double counting was involved.
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The banking industry was engulfed by another crisis recently as JP Morgan gobbled up stricken lender Bear Stearns in a bargain deal. How will our economy deal with the fallout? Chancellor Alistair Darling has assured taxpayers that the UK is well prepared to ride out the storm, but does anyone believe him?So, this week Mortgage […]
Fitch Ratings has downgraded Alliance & Leicester, saying the action reflects the lender’s weak access to funding compared with higher rated banks.A&L’s long term issuer default rating was cut to A+ from AA- and the short term IDR to F1 from F1+. The outlook for A&L’s long term IDR was changed to stable.Fitch says the […]
Woolwich has launched a 10-year fixed rate to help boost the long term mortgage market.The lender is offering the deal at 5.29% for 10 years to enhance the availability of competitive long term mortgages. The mortgage reverts to tracker at base plus 0.95% after the initial fixed rate period and the arrangement fee is £995, […]
The Ifs School of Finance is calling on brokers to ensure they are prepared for the Financial Services Authority’s Treating Customers Fairly deadline. Brokers must have appropriate measures in place to test whether they are treating their customers fairly by March 31, reminds the body. And all firms are expected to be able to demonstrate […]
Johnson Fleming has published a step-by-step guide demonstrating the importance of record keeping and reporting, and how it can ensure you operate a successful scheme. The guide takes you through some key questions you need to ask and identifies the information you need to obtain. The topics include: why you need to keep records and the benefits of doing this; registering your scheme; what information you need to record to ensure you meet the Pensions Regulator’s requirements; and what items need to be recorded and when.
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