View more on these topics

Banks could help out building societies

The Bank of England’ s Special Liquidity Scheme which allows banks to swap temporarily their mortgage-backed and other securities for UK Treasury Bills, does not appear to be very helpful to the majority of building societies but apparently the big players may come to their rescue.

The problem is that all but three or four societies don’t securitise and therefore don’t have the necessary legal framework or expertise in place to take advantage of the scheme which is estimated to be worth £50bn.
However there appears to be an ‘unoffical requirement’ for the bigger players to act as wholesalers on behalf these societies so that they too can take advantage of the money on offer.
According to Adrian Coles, director general of the Building Societies Association a number of the large banks, as well as building societies, may well offer to on-lend funds – both emerging from the SLS and more generally over the next few weeks – and a number of societies may choose to take up these offers.


Brokers told to consider CCA is urging brokers to align their businesses with the revamped Consumer Credit Act. Andy Moody, managing director of the firm, says the guidelines will ensure secured loans are better options for clients.

Salt Commercial suspends new lending

Salt Commercial has suspended new business and put a number of staff into consultation. The commercial lender, which is owned by The Derbyshire, says that it’s already satisfied its full-year appetite for commercial mortgages.The lender has already begun a review of its current pipeline to determine the status of new business applications and their appropriateness […]

House prices may need to fall 30%

A Monetary Policy Committee member has warned house prices may need to fall 30% to restore a more sustainable house price-to-earnings ratio.

CMLS adds ER via Equity Release Club

CMSL Network has added equity release products to its network proposition for those appointed representatives qualified and competent.

Auto-enrolment: tips for employers

The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]


News and expert analysis straight to your inbox

Sign up