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Beat the deadline to become AR or incur double fees

The network, Homeloan Partnership,  is reminding DA firms thinking about changing to AR status not to leave their decision too long and risk incurring a further year of fees paid to the Financial Services Authority.

Chris Tanner, managing director of HLP, says that every year firms leave it too late and end up having to pay the FSA an extra year’s fees.

He says: “It is particularly important this year with Mortgage Market Review hanging over the market like a pall and many DA firms considering for the first time that the burdens likely to be imposed by the MMR could make their current status untenable.

“I really would urge those who are thinking about moving across to AR status that this is the time to start the process. There are many cases where the decision is taken too late and firms trade through the April 1 deadline and become liable for a whole year’s fees.

“The FSA does not do rebates. I have often talked to firms that have wanted to move to AR status but left it too long and ended up paying for something that they no longer needed or wanted.”

He adds that the MMR is unlikely to go away and the increased cost to DA firms means the advantages of AR membership are compelling.


Lending boost for Leeds with £250m covered bond deal

Leeds Building Society has raised £250m of funding through a covered bond issue, enabling it to increase its mortgage lending. The 10-year long-term funding was raised through a covered bond backed by residential mortgages. Ian Ward, chief executive of Leeds, says other financial busi-nesses will also start to look at the covered bond market to […]


Small step forward for sub-prime loans

Reports of sub-prime’s death have been greatly exaggerated, with loans now available to borrowers refused by the high street. Lenders are accepting some County Court Judgements or recently missed loan payments, though none of the deals exceed 80% LTV. It is hardly irresponsible lending and is welcome news. These lenders deserve credit. They have had […]

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David Cameron appoints former adviser to Tony Blair as new pensions minister

Following a cabinet reshuffle in light of last week’s general election, David Cameron has announced that Ros Altmann will be replacing Steve Webb as pensions minister. As the industry works with one of the largest reforms to the sector in almost a century, the former adviser to Tony Blair has been tasked with ensuring that the pensions revolution does not stray off track.


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