News Tag: reforms
March 10, 2010
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 ...
FSA delays PPI reforms
by Kay Murchie
November 16, 2009
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 ...
Regulators cast mortgage lenders as drug dealers at school gates
by Gill Montia
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 12, 2009
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 ...
Only third of women receiving full state pension
by Kay Murchie
July 8, 2009
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 unveils ‘Council of Stability’ to rebuild financial system
by Kay Murchie
Chancellor set to ‘toughen up regulatory system’
by Kay Murchie
June 18, 2009
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 ...
Obama outlines regulatory overhaul for US financial system
by Kay Murchie