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FSA is right when it says underwriters have no experience

The FSA finally got something right last week when it criticised lenders’ underwriters for being overstretched and underqualified.

As a broker who has worked at a major bank and as an underwriter, I know many underwriters and all they say confirms they have little experience. They are just taught to complete a checklist.

This is why we need strong brokers who can underwrite themselves.

Brokers seem to be guilty until proven innocent in the eyes of lenders and the FSA.

Gary Ould


FSA is missing the obvious by homing in on single problem

The FSA tells us that it does not want lenders to justify declined cases, but as usual it has retrospectively homed in on one potential problem while remaining ignorant about what occurs in the real world. As the comments on Mortgage Strategy Online show, refusing to disclose why a case was declined causes aggravation which […]

Clients left in the dark unless lenders explain rejections

After learning that the Financial Services Authority does not want lenders to justify declined cases I was reminded of a recent case where my client was turned down. The lender was uncooperative but I was able to determine that it was a credit-worthiness problem. However, the client had never had any credit problems. It took […]

60 Seconds With…James Watson

James Watson, sales director, Paymentshield Has the Payment Protection Insurance mis-selling scandal damaged the insurance industry? It has certainly caused an uproar but it’s difficult to quantify the impact it will have. The market offers some well regarded products such as income insurance that are different from those involved in the scandal. Why is the […]

What triggers the MPAA?

Jim Grant – Senior Product Insight & Technical Support Analyst There’s sometimes confusion around what triggers the money purchase annual allowance. Find out what does and what doesn’t trigger the MPAA. The money purchase annual allowance (MPAA) is a reduced annual allowance that can apply to contributions to defined contribution (DC) schemes. The following table […]


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