Property market braces for shockwaves from landmark leasehold case

Appeal court ruling could halve the cost of extending leases or buying freeholds for 2.1m households in England and Wales One of Britain’s richest men, the Duke of Westminster, could see the value of his estates plummet this week if a landmark legal challenge is successful. The case could also benefit 2m households across England […]

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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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Swiss bankers dismiss ‘overtly pessimistic’ UK finance job loss scenarios post-Brexit

Anecdotal evidence given to IBTimes UK suggests the country’s banks are looking to hire more employees in London. Several senior banking sector professionals in Switzerland have discounted the “overtly pessimistic” finance job loss scenarios being brandished about London, including a recent take by the Bank of England. In a recent report, the UK central bank […]

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First-time buyers facing mortgage rate shock

Thoughts of a base rate rise are already impacting the mortgage market, with our latest data showing that the average two-year fixed mortgage rate has experienced an increase at all loan-to-values (LTVs) in the last month – yet it’s rates at 95% LTV that have been hardest hit, which means first-time buyers may need to […]

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FCA chief defends car finance despite fears it could lead to next financial crisis

Concerns have been raised that the rapid growth in auto lending could spark an economic crash if the UK is hit by rising unemployment or higher interest rates The head of Britain’s financial watchdog has defended the use of car finance products despite widespread fears they could herald the next financial crisis. Andrew Bailey, chief executive […]

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GDPR A REAL CONCERN FOR BROKERS

Brokers urged to implement change now or risk heavy fines. Brokers have been told to set up a task force to deal with the impending EU General Data Protection Regulation (GDPR), as any wrong-doing could be disastrous. This comment, from Ian Hughes, chief executive of Consumer Intelligence, comes after he warned that home and motor insurers could face […]

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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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House prices stabilise as number of homes on the market falls

Property values rise slightly for the second month in a row even as transactions and mortgage approvals decline A shortage of homes for sale has kept house prices rising despite falling consumer incomes and political uncertainty, according to Nationwide. The building society said the price of the average house went up by 0.3% in July to […]

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Insurance Brokers

FCA Findings are that General Insurance Brokers do not always provide clear and appropriate information on payment options. The FCA recently published a report detailing their various concerns on how brokers arrange credit for their clients. Many brokers arrange or provide the option for their clients to pay by instalments in conjunction with arranging a […]

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The Financial Sector

The financial sector is a wide term used for a variety of industries which include financial advisers, mortgage/insurance providers and their brokers. The financial sector alone constitutes 7% of all UK employment which is spread over London and other cities such as Edinburgh, Leeds and Manchester. History of the Financial Sector The financial sector has […]

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