You can take another look at the week’s news and we’ll also round up the stand-out, most thought-provoking or unmissable comments posted after stories or sent straight through to the editor.
Comment any time on the Mortgage Solutions website and you could feature in next week’s Mortgage Mutterings.
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FSA staff exodus doubles in Q2 09 August 2010
Posted online
Only 100% left to leave and maybe the government will realise that the watchdog ‘should’ be managed and staffed by professionals (no disrespect to the few that are) who have experience and knowledge of how it really should be policed and follow a Treating Customers Fairly Charter.
However, whilst the banks and other lending institutions have the government by the short and curlies this will never happen. Professionals like myself will continue to be abused and robbed by such organisations as opposed to protected and supported to ensure that every client is treated fairly, because in my 16 years of giving sound advice, this is what I thought was the pre-essential part of any organisation or practice.
I hope they replace these persons with professional industry weathered executives who will support us.
Martin Melton
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Sovereign buy up strengthens Home & Capital funding lines 10 August 2010
Posted online
This is good news (Home & Capital restricted its maximum release and property value earlier this year) as Grainger comfortably has the deep pockets to increase the funding of home reversion plans.
On the other hand, it narrows the sector down to two players, as Aviva also rely on Grainger funding, leaving just Hodge with its less popular 90% product. We can only encourage new companies to seek vital backing of private equity as UK residential property looks to offer promising returns in the years ahead.
Simon Chalk, equity release planner
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Top ten most untrustworthy professions 11 August 2010
Posted online
What planet is John Hughes on – “This is very unsettling…the public needs to have faith…” Why should anyone trust the banking sector when they have demonstrated their greed in creating the credit crunch? They have continued to demonstrate their greed and insensitivity by using taxpayers’ money to fund their shareholders dividends and staff bonuses rather than providing mortgages for the needy or funding for businesses. Trust the banking sector? I think not.
John Toogood, Debt Free
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SFO calls for UK-wide fraud register 12 August 2010
Posted online
The industry has been calling out for this type of centralised repository of financial fraud related intelligence for some time and so we at Quest fully support the SFO’s call for a central database. It would act as a major deterrent for fraudsters who would be clearly exposed by such an intelligence-based approach.
Andy Coles, Quest
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Market Watch: The Lloyds conveyancer cull – the best way or the only way?
12 August 2010
Posted online
As always, I wonder as to the true reason for any large corporate decision. If this move is about prudence and restricting the opportunity for fraud, show us the facts and the figures. What are the rates of solicitor originated mortgage fraud, and the market spread of solicitor originated fraud by size of practice, and amount of completed cases? This would clearly demonstrate the risks posed by small one man bands, small partnerships and the bigger local area and national conveyancer operations.
Mervyn Thomas
Posted online – comment 3
I am sure that the decision that has been made has not been taken lightly and I am aware that the Law Society has been trying to assist the legal profession, but rightly points out that a bank is a customer who can choose who to instruct. I agree that the public should have freedom of choice but Lloyds is maybe just pointing them in the direction of solicitors who definitely have wider experience of residential conveyancing.
Elisabeth Bellamy – Drummonds Solicitors
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Have a great weekend,
The Mortgage Solutions team
