BBA – Regulatory reform is important for everyone »
The reform of financial regulation has a real impact on society
well beyond the square mile, Angela Knight told a gathering of
business analysts recently. Regulatory change fundamentally affects
the way banks do business, the British Bankers' Association
chief executive told delegates to the Institute of Economic Affairs
State of the Economy conference. It therefore has a real impact on
businesses and individuals - a fact that is not reflected in public
debate on regulatory reform.
CML – First time buyers »
The Council of Mortgage Lenders attended a discussion hosted by
the Housing Minister, Grant Shapps MP, to consider the position of
first-time buyers in current market conditions.
FOS – Ombudsman news »
In this issue FOS publish their latest set of complaints
figures. These show how many new complaints they received - and
what proportion they resolved in favour of consumers - during the
third quarter of the current financial year (2010/2011).
The Journal Xpress Mortgage Professionals February 2011 »
After several years of prevarication, it has been confirmed that
the regulation of new and existing second charge mortgages is to be
transferred from the Office of Fair Trading (OFT) to the FSA...
Consumer Panel announces new appointments »
The Financial Services Consumer Panel has made four new
appointments to take effect in January 2011. David Harker, Frances
Harrison, Dan Plant and Faith Reynolds will all join the panel with
effect from 1 January 2011 following approval by the FSA Board at
its December meeting.
FSA – Proposed guidance on financial promotions »
The FSA has decided to consolidate previous messages to fund
managers and others about what is fair, clear and not misleading in
advertising and how past performance can be dealt with. This draft
guidance is open for comment for the next six weeks, and responses
must be received by FSA by 25 February 2011.
FSA – Speech on the mortgage market review (MMR) »
Lynda Blackwell, Manager of Mortgage Policy, FSA, addressed the
'Mortgage Masters' conference at Stapleford Park, Leicester
on the following point 'How will the MMR create a sustainable
market for lenders, brokers and borrowers?'
CML – House purchase lending unchanged in November »
November was a stable month with very few changes to the volume
and value of mortgage activity, according to new data from the
Council of Mortgage Lenders. 44,000 loans for house purchase, worth
£6.3 billion, were advanced in the month. This was unchanged from
October and down 15% by volume and 13% by value from November
BRIBERY ACT 2010 – Implementation delayed for second time »
It was predicted by us and by those "in the know" and
now it has happened - implementation of the Bribery Act 2010 has
been deferred for a second time. The first deferment was
understandable as the change in Government in May 2010 prompted a
review of the impact of the legislation and its effect on UK
FSA – Opens public debate on product intervention »
The Financial Services Authority (FSA) has published a
discussion paper (DP 11/1) to open a public debate about how the
FSA, and in future the proposed Consumer Protection and Markets
Authority (CPMA), should pursue the objective of consumer
protection and specifically the issue of product intervention.
FSA – Mortgage intermediary bans exceed 100 »
The Financial Services Authority (FSA) has banned five mortgage
intermediaries and fined one of them £104,000, bringing the total
number of mortgage intermediaries banned since December 2006 to
101. Most of the individuals were banned because they are not fit
and proper to work in regulated financial services through failings
that led to mortgage fraud.
FSA – Confirms transfer of Kent Reliance business »
The Financial Services Authority (FSA) announced that on 24
January it confirmed the transfer of the business of Kent Reliance
Building Society to OneSavings plc under the Building Societies Act
1986. Copies of the decision will be sent to the building society
and to the member of the society who made representations.
BBA – New debt advice model improves support for those in debt »
New proposals to help people in financial difficulties would
streamline the process of debt management and deliver a better and
fairer deal for customers, said the British Bankers'
Association and Accenture in a report jointly published. The
report, A New Model for Dealing with Personal Debt, says that a
clearer range of options for people working to resolve their debt
would avoid confusion and worry.
CML – Welcomes extension of regulatory scope »
The Council of Mortgage Lenders broadly welcomes the
Treasury's announcement that the regulation of second charge
lending will be transferred to the FSA; that mortgage protections
will be maintained when a mortgage book is sold to an unregulated
entity; and that all sale and rent back providers will need to
conform to the same standards of consumer protection.