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24th of August 2010
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News Tag: regulation

June 18, 2010

Gross mortgage lending up 7%

by Gill Montia
”Gross
Gross mortgage lending totalled an estimated £11.3 billion in May, the Council of Mortgage Lenders (CML) has reported. The figure is up 7% from £10.5 billion in April, and 10% from £10.2 billion a year earlier. While the mortgage market is more buoyant than a year ago, it remains "subdued", according to the CML, with gross lending falling slightly short of that seen towards ...



June 8, 2010

Credit rating agencies need tighter regulation

by David Masters
Credit rating agencies need tighter regulation
European Union proposals to tighten regulation on credit rating agencies (CRAs) have been praised by a financial expert. Martin Bamford, chartered financial planner at Informed Choice, welcomed the EU Commission's plans to better regulate CRAs. "The opinions of CRAs can have a big impact on markets and economies, so better regulation of these bodies is needed," Bamford said. "They should remain independent companies, but ...



May 5, 2010

Credit rating agencies to be investigated after euro zone downgrades

by Kay Murchie
Credit rating agencies to be investigated after euro zone downgrades
Michel Barnier, the European Internal Markets Commissioner, has pledged to investigate credit rating agencies after a series of downgrades to Greece’s debt. Mr Barnier told the European Parliament he had been surprised by the rapid deterioration of Greece's rating. Last week, Greece became the first euro zone nation to have its debt downgraded to “junk” status, while ...



March 17, 2010

Government should act tough on credit cards

by David Masters
Government should act tough on credit cards
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 ...



February 19, 2010

Watchdog recommends “shake-up” of estate agency market

by Gill Montia
”Watchdog
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 ...



February 17, 2010

Lenders back regulation of second-charge mortgages

by Gill Montia
”Lenders
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). ...



October 7, 2009

Church opposes hedge fund reform

by David Masters
Church opposes hedge fund reform
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 ...



October 5, 2009

Regulation of buy-to-let mortgages close at hand

by Gill Montia
”Regulation
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 ...



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 ...



March 19, 2009

New FSA regulation threatens mortgage cap

by Gill Montia
New FSA regulation threatens mortgage cap
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 ...



March 18, 2009

FSA rewrites banking regulation

by Gill Montia
FSA rewrites banking regulation
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 ...



December 8, 2008

OFT to check out competition among estate agents

by Gill Montia
OFT to check out competition among estate agents
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 ...



June 24, 2008

Chancellor threatens FSA regulation of mortgage fees

by Gill Montia
Chancellor threatens FSA regulation of mortgage fees
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 ...




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