News Tag: Financial Services Authority
March 10, 2010
City watchdog, the Financial Services Authority (FSA), has today announced banks will face stricter stress testing to ensure they can survive a further 4 years of falling economic growth and a 13.3% unemployment rate.
Stress tests were introduced following the financial crisis to ensure that banks had sufficient capital to allow them to continue operating through dire economic conditions.
The ...
FSA to introduce tougher stress tests for banks
by Kay Murchie
FSA delays PPI reforms
by Kay Murchie
March 7, 2010
According to reports this weekend, Coventry Building Society is in merger talks with its smaller rival, the Stroud & Swindon.
The talks follow a series of recent mergers between Britain’s building societies and, should a deal be successful, will bring more consolidation to the mutual sector.
The news comes as Coventry, which is the country's third largest building society, ...
Coventry Building Society in merger talks with Stroud & Swindon
by Kay Murchie
FSA grants licence to Metro Bank
by Kay Murchie
February 25, 2010
The Financial Services Authority (FSA) is to investigate the way Royal Bank of Scotland (RBS) deals with customers' complaints.
The City Watchdog is to examine "certain aspects" of the way the bank deals with complaints but the bank has said it would fully co-operate.
A spokeswoman for the FSA said: "We are looking at all of the major banking groups and are ...
FSA examines complaint handling at RBS
by Kay Murchie
February 24, 2010
Leeds-based independent financial advice company, Park Row Associates, has failed to give suitable advice, according to the Financial Services Authority (FSA) and has therefore been ordered to pay compensation to customers.
The City Watchdog has established that customers of Park Row Associates were at risk of receiving unsuitable advice about all of its financial products.
Customers who bought products through ...
Park Row told to repay millions by FSA
by Kay Murchie
January 26, 2010
Mortgage borrowers in arrears stand to get a better deal from lenders under new proposals published today by the Financial Services Authority (FSA).
The package is aimed at ensuring home owners in financial difficulties are treated fairly, by strengthen existing rules on arrears handling and promoting the regulator's "tough stance" on mortgage fraud.
Under the proposals lenders will not be able to: ...
FSA defends home owners with mortgage arrears
by Gill Montia
January 22, 2010
The National Fraud Authority (NFA) has revealed the extent to which fraud is having on the UK economy.
According to the NFA’s figures, fraud (including scams, online theft, insurance cheats and tax fraud) is costing the economy £30 billion a year - the equivalent of £621 per adult in the UK.
The figures have resulted in City watchdog, the Financial Services Authority, to ...
Fraud costs higher than expected
by Kay Murchie
December 17, 2009
New data from the Financial Services Authority (FSA) show the number of homes being taken back by lenders rising 3% to 13,987 in the third quarter of 2009, compared with the previous three months.
However, repossession levels have remained fairly flat in recent months and the figure is almost 6% below the January to March level.
Meanwhile, the number of mortgage borrowers ...
Repossession up but new arrears decline
by Gill Montia
November 27, 2009
The Treasury has announced new measurers aimed at protecting UK mortgage borrowers.
The move follows the Government's analysis of the causes of the financial crisis, as set out in its Reforming Financial Markets paper published earlier this year.
Under the proposals, borrowers whose mortgages are sold on to third parties will be protected by Financial Services Authority (FSA) regulations, which require ...
New measures to protect UK mortgage borrowers
by Gill Montia
November 9, 2009
The Financial Services Authority's (FSA) chief executive is calling for ethical behaviour within the financial world.
Hector Sants, chief executive of the City regulator, said he is “unconvinced” that top executives have accepted the need to change and operate in a different manner following the financial crisis that rocked the world.
In a speech to the City, Mr Sants said: “It ...
FSA chief issues jail warning to financial firms
by Kay Murchie
November 5, 2009
Swiss banking giant UBS has been fined £8 million by the Financial Services Authority (FSA) - the third largest penalty ever handed out by the UK regulator.
However, the fine would have been £10 million but the Swiss bank agreed to settle with the FSA at an early stage.
The bank, which is Switzerland’s fourth largest, was fined for failing to stop four ...
Swiss bank UBS fined £8m
by Kay Murchie
October 29, 2009
One of the UK's leading sub-prime mortgage lenders has been fined £2.8 million by the Financial Services Authority (FSA) for not treating its customers fairly.
GMAC-RFC has also agreed to repay up to £7.7 million in total, plus interest, to over 46,000 of its mortgage customers.
The FSA says the case sets a precedent in that its investigation at GMAC were ...
New precedent for mortgage lenders treating customers unfairly
by Gill Montia
October 26, 2009
Sir Richard Branson’s Virgin Money has applied to the Financial Services Authority (FSA) for a banking licence, which would enable the consumer credit arm of the Virgin Group to offer deposit accounts.
The move comes at a time when consumers have lost confidence in existing High Street banks following the financial crisis and Sir Richard wants to take advantage ...
Virgin Money continues its quest to become a bank
by Kay Murchie
October 19, 2009
The Financial Services Authority (FSA) has today set out "major reforms" that it intends to impose on UK mortgage lending.
The proposed new measures are aimed at making the market "sustainable" for lenders and borrowers and reflect "a more intrusive and interventionist style of regulation".
Key features include imposing affordability tests for all mortgages and making lenders ultimately responsible ...
“Major reforms” in hand for UK mortgage lending
by Gill Montia
October 5, 2009
An organisation set up to represent property owners and investors, is calling for the regulation of buy-to-let mortgages.
In a new report entitled "Responsible Regulation", the British Property Federation (BPF) says such a move would lessen the risk of another "black hole of irresponsible lending" occurring in the future.
According to the BPF, the Financial Services Authority (FSA) and Treasury were aware ...
Regulation of buy-to-let mortgages close at hand
by Gill Montia
September 16, 2009
New research from the Financial Services Authority (FSA) puts the number of homes in repossession in the three months to the end of June at 13,610, representing a 9% fall on the previous quarter.
However, the figure is 23% up on the same period of 2008, although the regulator says the sharp rise in repossessions seen in 2008 has showed signs of ...
Repossessions and new mortgage arrears fall
by Gill Montia
September 8, 2009
The Financial Services Authority (FSA) has fined banking giant Barclays £2.45 million for reporting flaws.
However, by agreeing to settle at an early stage, Britain’s second largest bank qualified for a 30% discount.
According to the City watchdog, Barclays failed to report details of trade transactions accurately and was guilty of "serious” breaches in systems and controls.
Furthermore, there were "a substantial number ...
FSA fines Barclays £2.45m for reporting failures
by Kay Murchie
September 7, 2009
The Building Societies Association (BSA) has expressed its concern over new regulations, proposed by the Financial Services Authority (FSA), saying they will disadvantage the industry.
Proposals from the City watchdog include plans to restrict riskier types of lending by building societies, which according to the BSA, would have a "discriminatory and anti-competitive effect in the mortgage market".
In a formal submission to ...
Building societies against new regulations
by Kay Murchie
