Nov 20 – Getting to grips
The FCA has written to all mortgage intermediary firms setting out its supervisory agenda for the next 12 months. The six page letter sets out the key issues it is concerned about – firms should be able to clearly demonstrate why their customers have been advised to take a particular product and the customer should […]
Nov 20 – Certification rears its head and shouts out
As part of the same letter to the mortgage intermediary portfolio, the FCA has reminded all directly authorised firms that they have until 31 March 2021 to ensure all staff in certified roles are fit and proper to perform those roles. There should be a Senior Manager who has individual responsibility for ensuring the firm […]
Oct 20 – Starting the wrong race
The FCA recently issued a call for input to look at where the consumer investment advice market is not working well and to seek views on what changes can be made to improve the protections and outcomes. On the face of it this seems a very straightforward and sensible thing for the FCA to do. […]
Oct 20 – Anything you can do?
Early in October I spent an hour creating a podcast with the UK Mortgage Prisoners Action Group. What this brought home to me was the sheer variety of mortgages caught; the different circumstances of the consumers; and the complexity of events that had conspired to bring these people to the place they were now in. […]
Oct 20 – Pushing water uphill
The last 7 months have been turbulent, with more challenging times to come. This is uncharted territory as there are no experts in governments at attempting mass population control in a pandemic. We see money being thrown at problems in a way never imagined. However, demand for houses and mortgages has never been stronger. House […]
Sept 20 – Fighting for justice
Regular readers and those who have heard me speak know that I am often less than impressed by the way the FCA operates. This time I am far from alone. In July, the FCA launched an eight-week consultation proposing changes to the way in which it, the PRA and Bank of England make compensation payments […]
Sept 20 – Loose ends – stormy waters ahead
I am becoming concerned about what next February and March might feel like. As the existing Help to Buy scheme ends, pressure will escalate on builders, conveyancers, lenders and brokers to ensure timely completion. At the same time, the 3% Stamp Duty reduction will be coming to a close and lenders, conveyancers and brokers will […]
Aug 20 – Not a sin of the past
As the number of Data Subject Access Requests channelled through lawyers and claims managers to intermediary firms, where the consumer had an interest only mortgage, sails towards 5,000 there are huge impacts on firms. These fishing expeditions to see what is on file are very different to the historic PPI market. There the DSAR fell […]
