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FSA to investigate sub-prime market in the Autumn

The Financial Services Authority is to follow up the work it did in the sub-prime market in 2005 with a second round of broker visits starting this September.

Robin Gordon Walker, spokesman for the FSA, says: “We will be doing the next round of work into the sub-prime market later this summer, around September. We did look at the market in 2005, and said at the time that we would be doing a follow-up.

“This was supposed to happen in quarter one of 2005, but has been delayed because of other priorities.

He says that the latest investigation will be comparable to the one in 2005, but not exactly the same.

He adds: Last year we found some problematic areas where brokers were not keeping proper records or not recommending products that were suitable for the client.


Lenders are supportive of HIPS says CML

New research commissioned by the Council of Mortgage Lenders reveals how lenders really feel about HIPs and most are supportive.Two thirds of lenders intend to provide packs but some expressed significant concern that the technical standards necessary to build the required systems to use home condition reports in their processes could not be made available […]

HIPs to speed up housebuying process

Carolynn Dyson, partner at Berwins law firm says that the introduction of Home Information Packs in 2007 could minimize delays and abortive transactions and thereby cut the cost of selling a house in spite of a possible up front charge of up to 600 plus VAT.Berwins says costly delays in selling your home are set […]

db mortgages appoints two BDMs

db mortgages has appointed two business development managers to cover the East Midlands and South Wales areas.Gary Armstrong has been appointed business development manager for the East Midlands Region and his area of responsibility will include Nottingham, Leicester, and Coventry along with Lincoln and Peterborough postcodes. Armstrong joins db mortgages from The Mortgage Business where […]

Lenders scam clients because they can’t sell

Pity the poor lending industry – whither its next profit line? Or perhaps it’s sympathy that lenders need rather than pity – they’re not exactly strapped for cash, are they?


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