News Tag: regulation
March 17, 2010
New government legislation on credit card debt does not go nearly far enough, the director of a financial management charity has claimed.
Chris Tapp, director of Credit Action, said new laws that stop credit card providers increasing interest rates and limits on credit cards are merely "a baby step in the right direction".
Prime Minister Gordon Brown said the new laws will ...
Government should act tough on credit cards
by David Masters
February 19, 2010
The Office of Fair Trading (OFT) is recommending a "shake-up" of the way in which most Britons sell their homes, including new legislation that encourages innovation in the estate agency market.
Following a study of the home-buying and selling process, the watchdog concludes: "The housing market remains dominated by traditional estate agents with weak competition between them on price".
It wants to ...
Watchdog recommends “shake-up” of estate agency market
by Gill Montia
February 17, 2010
Lenders are backing the proposed regulation of the second-charge mortgage market.
Responding to a Treasury consultation, the Council of Mortgage Lenders (CML) has also said it wants to ensure borrowers are sufficiently protected when mortgage books are sold on.
On second-charge lending, the body has restated its longstanding position that all residential mortgage lending should be regulated by the Financial Services Authority (FSA). ...
Lenders back regulation of second-charge mortgages
by Gill Montia
October 7, 2009
The Church of England has spoken out in support of hedge funds and has expressed concern that EU proposals to tighten hedge fund regulation could damage its investments.
The Church Commissioners, who manage the Church's £4.4 billion assets, said the European Union directive would limit their ability to make money for the Church.
In a letter to the House of Lords, signed jointly with ...
Church opposes hedge fund reform
by David Masters
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
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
March 19, 2009
Proposals from the Financial Services Authority (FSA) on future regulation of the UK banking sector include the possibility of a cap on mortgages, in terms of their loan-to-value (LTV) or loan-to-income ratios.
The woes of the recession are linked to a decade of house price inflation fuelled by irresponsible lending by banks and others and epitomised in the 125% mortgage once offered ...
New FSA regulation threatens mortgage cap
by Gill Montia
March 18, 2009
The Financial Services Authority (FSA) has been airing its views on the type of regulation needed to avert another banking crisis.
According to a BBC report, FSA chairman Lord Turner wants UK banks to adopt a more sober approach to lending during boom years and use periods of strong economic growth to build up their capital reserves.
The new approach to lending could involve restrictions ...
FSA rewrites banking regulation
by Gill Montia
December 8, 2008
Estate agents that have so far survived the housing market downturn can look forward to a review of the market by the Office of Fair Trading (OFT), in 2009.
The watchdog has promised to take a comprehensive look at the sector and will be involving both consumer groups and industry bodies.
In a similar study completed in 2004, the OFT ...
OFT to check out competition among estate agents
by Gill Montia
June 24, 2008
Chancellor of the Exchequer, Alistair Darling, has warned the UK's mortgage providers that they must put their house in order over arrangement fees.
The average fee paid is now over £800, up from £441 in 2005. Charges of around £1,000 are commonplace for a fixed-rate loan and some products, which carry arrangement fees based on a percentage of the loan, can ...
Chancellor threatens FSA regulation of mortgage fees
by Gill Montia
