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Select Committee report shows concern about housing crash, says Lib Dems

The Liberal Democrats say that a Treasury Select Committee report on the 2004 budget showing commentators concerns over a housing market crash, demonstrates the potential threat it poses to the economy.

Norman Lamb MP, Liberal Democrat member of the committee, says: “It is clear that many independent commentators differ from the Chancellor on the potential threat to our economy from rising interest rates, high house prices and consumer debt.

“The Deputy Governor of the Bank of England has acknowledged that these factors pose a &#39credible threat&#39 to our economy.

“The views of the many experts contradict Gordon Brown&#39s complacent attitude towards consumer debt, high house prices and rising Bank of England interest rates. The IMF is also now warning that almost half of house price booms end in tears.

“Mr Brown should acknowledge now the potential threat of house price boom and bust is similar to the early 1990s.

“The Budget failed to take responsibility for the level of lending by banks. It is time the government took action to protect ordinary homeowners against irresponsible lending.”


Review of adviser exams could lead to drop in standards, warns LIA

A proposed review of financial advisers&#39 exams could lead to a drop in standards and further confusion among the public, the LIA has warned. The Financial Services Skills Council is proposing a range of modular exams from which employers can select, depending on the roles of their employees. However, the LIA, which represents 20,000 people […]

Abbey for Intermediaries extends completion deadlines

Abbey for Intermediaries has extended completion deadlines from three months to six months on all new variable rate tracker business as part of a drive to offer more flexibility to clients and to smooth the process for the intermediary. The new deadlines came into effect for applications made by intermediaries from March 15 2004. Intermediaries […]

Miles says UK is long way from risk-based pricing

Professor David Miles says lenders in the UK mortgage market are a long way from adopting risk-based pricing. Speaking at a round table event last week organised by Zurich Mortgage Network, Miles expressed doubt that such strategies were even on their way because of the way the market is currently structured. Miles tells Mortgage Strategy: […]

DA applications surge despite glitches

The Financial Services Authority has revealed that the number of brokers applying for direct authorisation shot up to 4,229 by the end of the discount deadline on March 31. As expected many brokers left it to the last minute but the onslaught was accompanied by technical problems. A glitch in the online application software for […]


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