View more on these topics

MPs to hold inquiry into government support for mutuals

The All-Party Parliamentary Group for building societies and financial mutuals has announced that is to hold a short inquiry into corporate diversity in financial services.

All-Party Parliamentary Groups are informal, cross-party groups of MPs and members of the House of Lords who share a particular interest in a subject and hold meetings related to their shared interest.

 The Inquiry, which will hold its first evidence session on November 22, will examine a number of areas important to the mutual sector including: 

  •  How can the government best develop a policy strategy to implement the coalition’s commitment to promote mutuals?
  • Should the new financial regulators also have a responsibility to promote corporate diversity and promote mutuals?  If so, how would this work?
  • How can the Bank of England help to develop an approach that supports this policy objective?
  • Is the legislative framework for financial mutuals adequate?
  • In what other ways could the government engage with mutual businesses to improve the corporate diversity of financial services providers?

The All–Party Parliamentary Group, jointly chaired by Jonathan Evans MP, Cathy Jamieson MP and Baroness Maddock, is seeking to build on commitments set out in the government’s Coalition Agreement which stated that:
“We want the banking system to serve business, not the other way round. We will bring forward detailed proposals to foster diversity in financial services, promote mutuals and create a more competitive banking industry.”

Jonathan Evans, joint chair of the group, says: “Mutuals are an important part of the British economy.  The All-Party Parliamentary Group is keen to help the government develop a strategy which helps to promote corporate diversity in financial services.  

’We look forward to hearing from a number of expert witnesses and will bring forward our recommendations by early Spring 2011.  We call for all interested parties to submit written evidence to our Inquiry by 31 December.”


Brokers get poor marks in survey of estate agents

Research by Obligo has shown that 31% of estate agents are dissatisfied or very dissatisfied with their mortgage broker. Of the 300 estate agency firms surveyed, 51% say the service they receive from inhouse or outsourced brokers was average, with only 15% satisfied or very satisfied. The biggest problem, with 71% of the vote, was […]

Low commission and high LTVs top brokers’ woes

A total of 57% of mortgage brokers feel commission has fallen in the last 12 months, research from short-term lender Borro reveals. A survey of 454 brokers at this month’s Mortgage Business Expo also found that nearly 40% of mortgage brokers thought high LTVs were the biggest hurdle in 2010. Six in 10 respondents thought […]

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 […]

MMR: FSA encourages advised sales, says CML

The Financial Services Authority’s latest mortgage market review consultation paper on distribution and disclosure appears to push the market towards more advised sales, with less consumer responsibility, the Council of Mortgage Lenders believes.


News and expert analysis straight to your inbox

Sign up