Category Archives: Regulation
69% of brokers feel prepared for MMR, yet just 1 in 3 make changes
New research from IRESS, a leading international supplier of financial markets, wealth and mortgage management systems, has found that over two thirds of brokers (69%) now understand the changes they need to make to their business ahead the Mortgage …
CML Chairman says lenders have the insight to deliver a consumer-focused mortgage market
Speaking at the Council of Mortgage Lenders’ annual conference, CML Chairman Martijn Van der Heijden reminded delegates that, despite relatively subdued market conditions, one million households have become first-time buyers since the credit crunch, accounting for 1 in 10 of …
RICS calls for compulsory regulation of estate agents
The age old problem of consumers not trusting estate agents continues right across the UK, with over 90% of homebuyers now calling for compulsory regulation to better protect buyers, according to a new RICS survey. Of those who failed …
FSA confirms new rules that will hard-wire common sense into the mortgage market
The Financial Services Authority (FSA) has published new rules that put common sense at the heart of the mortgage market and will prevent future borrowers ending up with a mortgage they cannot afford. The new rules, the outcome of …
FSA launches initiative to outlaw flawed sales bonuses that encourage mis-selling
Martin Wheatley, managing director of the Financial Services Authority (FSA) and chief executive officer designate of the Financial Conduct Authority (FCA), today announced that he wanted to see an end to mis-selling created by sales incentives. At a Thomson …
Posted in Regulation
Tagged FCA, FSA, Martin Lewis, Martin Wheatley, mis-selling, Moneysavingexpert.com
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Small businesses and health sector to benefit from £10 million funding boost
SMEs and academics working in the life sciences industry have been awarded £10 million in funding, ministers have announced. It is hoped the boost in finance will put the selected businesses and institutions on the path to exploring the …
Financial Services Bill facing scrutiny in the Lords
The Financial Services Bill – which will set up the new regulatory architecture for financial services and includes powers to allow the new Financial Conduct Authority (FCA) to regulate credit – is now being considered by the House of …
Posted in Regulation
Tagged CCA, Consumer Credit Act, Financial Services Bill, FLA, OFT
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PPI on course to become biggest consumer financial scandal of all time
HSBC has set aside a further £340m to fund payment protection insurance (PPI) compensation claims, bringing total PPI provisions across UK banks to a staggering £10bn. Last week Lloyds increased the amount set aside for PPI claims to £4.3bn, while RBS …
Posted in Regulation
Tagged payment protection insurance, Peter Vicary-Smith, PPI, Which?
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FSA consults on new funding model review for the FSCS
The Financial Services Authority (FSA) has proposed changes to the funding of the Financial Services Compensation Scheme (FSCS) which will continue to provide important reassurance to consumers but could reduce the likelihood of interim levies and offer firms more …
Which? slams new payday lending rules
A new code of practice for payday lenders has been agreed by the financial sector to provide greater protection to vulnerable consumers, but consumer champion Which? believes it does not go far enough. Payday lenders must now ensure that …