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News Tag: reforms

March 10, 2010

FSA delays PPI reforms

by Kay Murchie
”FSA
The Financial Services Authority (FSA), has announced a delay on its plans to reform the Payment Protection Insurance (PPI) market. The City Watchdog said its consultation will be delayed by six weeks due to a heavy amount of criticism from the financial industry. Under a PPI policy, an agreed sum of money is paid out each month to fully cover, or cover a percentage of ...



November 16, 2009

Regulators cast mortgage lenders as drug dealers at school gates

by Gill Montia
”Regulators
The chairman of the Council of Mortgage Lenders has accused regulators of depicting the UK's mortgage lenders as “drug dealers at the school gates”. Addressing the CML conference last week, Matthew Wyles said he increasingly saw lenders and intermediaries cast in this role, "enticing innocent consumers in and then getting them hooked, for their own evil profit-driven purposes". Mr ...



October 19, 2009

“Major reforms” in hand for UK mortgage lending

by Gill Montia
”"Major
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 ...



October 12, 2009

Only third of women receiving full state pension

by Kay Murchie
Only third of women receiving full state pension
According to the Pensions Advisory Service, only a third of women currently receive the full state pension. Many women miss out on a full state pension if they stop working or opt to work part-time to bring up their children. As a result, they are missing out on National Insurance contributions due to leaving the workforce or working in ...



July 8, 2009

Chancellor unveils ‘Council of Stability’ to rebuild financial system

by Kay Murchie
”Chancellor
The Chancellor Alistair Darling has today announced key reforms of banking regulation in a bid to prevent future meltdowns. The worst financial crisis since the Great Depression of the 1930s has forced the Government to nationalise Northern Rock and Bradford & Bingley, as well as bailing out Lloyds TSB and Royal Bank of Scotland using billions of pounds of ...



Chancellor set to ‘toughen up regulatory system’

by Kay Murchie
”Chancellor
In a bid to prevent future meltdowns of the banking system, Chancellor Alistair Darling is set to announce key reforms of banking regulation today. According to the Chancellor, the reforms will “toughen up of the regulatory system" in order to "learn the lesson of what went wrong... and make sure we reduce those risks". Proposals in the White Paper include preventing ...



June 18, 2009

Obama outlines regulatory overhaul for US financial system

by Kay Murchie
Obama outlines regulatory overhaul for US financial system
US President Barack Obama is proposing a major reform of banking regulation in order to prevent future meltdowns of the US banking system. Mr Obama described the reforms as biggest overhaul of the system since the 1930s, which will see major banks put more money aside against future losses to prevent excessive risk taking. The objective is to tackle the ...