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HBOS clarifies KFI accuracy

HBOS has confirmed that it will only guarantee the online KFIs generated via its own web-based systems. This guarantee extends across the five mortgage brands.

HBOS has invested significantly in the technology deployed in each of its five mortgage brands. This has been a deliberate move in preparation for mortgage regulation on October 31. The take-up amongst intermediaries has already been significant – in the Halifax brand alone over 85% of intermediary business is now transacted online.

There has been much speculation and debate about the accuracy of KFIs via sourcing systems. The HBOS position is simple. The five brands within the group will make every effort to support sourcing systems in providing a compliant solution.

Phil Jenks, HBOS head of mortgage strategy, says: “The message is clear. Post regulation the only HBOS KFI guaranteed to be accurate will be issued online from one of the HBOS brand websites. This is now the proven and preferred route for the vast majority of intermediaries and we have invested significantly to deliver an offering that is both compliant and delivers exactly what intermediaries need.”


FSA will watch small firms closely

Second charge secured loans are often overlooked as a viable alternative to remortgages. Over the past five years or so, the second charge or secured loans market has gone from strength to strength. Since 1999 the market has grown by more than 30% and I expect this trend to continue over the next year, albeit […]

Network Data teams up with Conti Financial Services

The partnership comes in response to rising interest in overseas property purchases and allows borrowers access to a comprehensive list of mortgage and insurance lenders, which until recently was limited in choice. Acquiring an overseas property can be challenging. Simon Conn, senior partner for Conti Financial Services, says: “By working with Network Data&#39s members, we […]

16 firms default by FSCS

Declaring a firm in default opens the way for anyone who has lost money, as a result of dealings with such a firm, to make a claim for compensation to FSCS. The limit for investment compensation is £48,000. Ron Devlin, interim chief executive of the FSCS, says: “FSCS&#39 role is to protect customers of financial […]

FSA fines Bank of Ireland £375,000

The transactions, which were undertaken in breach of BoI&#39s own policies and procedures, appear to be suspicious and are currently being investigated by law enforcement. Philip Robinson, financial crime sector leader at the FSA, says: “Adequate systems and controls are fundamental to the UK anti-money laundering regime&#39s effectiveness and firms must identify the money laundering […]


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