Archive | FCA

DA vs AR: FCA network criticism highlights attraction of independence

The debate between being directly authorised (DA) or an appointed representative (AR) has been raging through 2017. Phil Whitehouse, managing director of MCI Mortgage Club, argues why brokers may want to go DA in 2018. The Financial Conduct Authority (FCA) has issued a stark warning to mortgage networks about the need for greater responsibility over […]

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Lenders warn regulator’s clampdown on consumer credit may backfire

A crackdown by financial watchdogs on risky consumer loans could backfire and harm borrowers, lenders have claimed. A trade body for companies behind £88bn of credit last year is battling Financial Conduct Authority (FCA) plans to tighten the lending rules. The Finance & Leasing Association (FLA), whose members offer products including credit cards, retail finance […]

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FCA TO SHAKE-UP INTEREST-ONLY MORTGAGE RULES

The Building Societies Association (BSA) has welcomed a proposed regulatory shake-up that could widen the availability of retirement interest-only mortgages. The Financial Conduct Authority is consulting on the removal of a regulatory barrier to allow ‘retirement interest-only mortgages’ for older consumers, in which the loan would only be repaid on a specified life event such […]

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FCA stops 200 trading firms over ‘basic’ requirements

More than 200 firms had their authorisations cancelled by the Financial Conduct Authority in the 12 months to the end of June, the regulator has revealed. In its latest regulatory round-up, the FCA said these firms had their authorisations cancelled for failing to comply with “basic regulatory requirements”. These could include failing to submit FCA […]

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