View more on these topics

FSA moves, but not much

The FSA last week announced the final regulatory reporting requirements for mortgage and general insurance firms including several amendments designed to help smaller firms, following consultation.

But the Association of Mortgage Intermediaries is concerned these changes do not go far enough.

Smaller firms that had an annual income in the previous financial year of £60,000 or less have now been excluded from the requirement to report mid-year financial information for the first year. Thereafter, these firms will have to report on a six-monthly basis.

The FSA says it has made the change due to concerns about the costs to smaller brokers. It is also giving lenders and providers more time to capture information about advised and non-advised sales by introducing a transitional period. During this time firms will not be required to provide such sales data, giving them time to adjust systems and reduce costs.

However the FSA has not budged on the time limits for reporting despite industry concerns. Firms will have 30 working days to prepare information on their financial activities and submit it to the regulator.

Sarah Wilson, director of high street firms at the FSA, says: “For mortgage and general insurance firms this is the last part of the future regulatory regime to be finalised. We have published a guide to help smaller firms access the FSA Handbook and find the rules relevant to their firm.”

But AMI director Chris Cummings says: “We are pleased smaller firms have been given a break but it should have been extended to firms that earn below £250,000.”


Exclusive: MPLC to go direct to consumer through mortgageforce JV

Mortgages PLC is to launch a joint venture with broker mortgageforce to offer sub-prime loans direct to the consumer. Full details are due to be revealed next week but Mortgage Strategy understands that under the terms of the deal most of the 128 mortgageforce franchisees will market sub-prime loans exclusively from MPLC under a separate […]

House prices rise 2.2% in March, says Halifax index

Halifax&#39s latest house price index shows house prices increased by 2.2% in March, taking UK house prices through the £150,000 barrier with an average price of £151,467. The average price in Yorkshire and the Humber breached the £100,000 mark during the first quarter, making it the last English region to do so. Halifax says average […]

£449m spent daily on homes last year

Clear Cut Mortgages has revealed that people in England and Wales spent an average of £449m every day on new homes in 2003, with 2,890 houses changing hands daily. This equates to a total of £164bn spent on 1,054,936 new homes. The company says it expects spending levels in 2004 to be broadly similar to […]

A&L wins mortgage gong for discount rates

Alliance & Leicester has won Best Discounted Rate Mortgage Provider at the Moneyfacts Awards 2004. This is the second year running that the bank has scooped the award in this category.

Show me the money – earnings are central to performance in Europe

Equity markets globally currently remain vulnerable to sharp shifts in sentiment caused by either unexpected or unwelcome outcomes in key upcoming political events (the US and German elections, Brexit and the Italian referendum). These top-down influences, combined with the current low global growth environment, will likely lead to broadly directionless markets, and prolong the current low beta return environment. We do, though, […]


News and expert analysis straight to your inbox

Sign up