View more on these topics

FSCS compensation and eligibility to remain at existing levels

The Financial Services Authority has confirmed the compensation and eligibility limits for the Financial Services Compensation Scheme and for the compulsory jurisdiction of the Financial Ombudsman Service will remain at their existing levels.

This follows a consultation by the FSA in which the majority of respondents supported the FSA’s proposal for no change to the limits.

The recommendation was based on a review carried out during 2005 which found that most claims or complaints are still well below the current maximum limits.

Additionally, there is no evidence that consumer behaviour and market confidence are being significantly affected by current limits.

FSCS limits significantly exceed EU minimum limits (currently 20,000) for deposits and investments and are also generally higher than in other EU member states.

The current limits have been in force since the FSCS and the Financial Ombudsman Service started operating in December 2001 under the Financial Services and Markets Act 2000.

The FSA plans to review the compensation and eligibility limits again in 2009.


DB appoints sales managers

DB Mortgages has appointed Peter Kouset and Eddie Kelly as sales managers. Kouset has taken up the position of divisional sales manager with responsibility for the London region.

Nationwide says house prices grew by 0.2% in May

Nationwide has revealed that house prices grew by 0.2% in May, the second month of neutral growth in a row.Fionnuala Earley, Nationwide’s group economist, says: House price growth was sluggish for the second month in a row with prices rising just 0.2% in the month, marginally up on the 0.1% increase in April but down […]

TMA chooses LifeQuote

The Mortgage Alliance has chosen LifeQuotes Intelligent Protection as the protection system to provide to its members.The partnership will mean The Mortgage Alliance members will have access to a whole of market life panel with the full support of LifeQuotes Express Underwriting and full expert administration service via .John Coffield, business manager at The […]

Lenders hang on to what they’ve got

As the profit margin on mortgages plummets to new lows, the new kid on the block as far as lenders are concerned is actually an old kid. Customer retention is the new black – the must-have accessory for serious players.


News and expert analysis straight to your inbox

Sign up