FSA’s Turner: We’re not clever enough to spot problems
Mortgage Solutions | 15 Dec 2011 | 08:45
IFAonline
Well what a lovely Christmas present for IFAs. The people who are paid phenomenal amounts of money to regulate us have not got the skills and knowledge to ensure these problems do not arise. What chance has an ordinary IFA got then?
Terry
15 Dec 2011 | 10:24
………………………..
FSA admits ‘flawed’ supervision of RBS
Mortgage Solutions | 12 Dec 2011 | 08:17
Katrina Lloyd
I heard Adair Turner this morning on Radio 4, piously admitting to the FSA’s failure with a tone of: “That’s all in the past now, let’s forget it and move on, shall we?” Before you all begin to believe a new dawn has set in for IFA’s and brokers, you will do well to remember that s*** rolls downhill and we are still in a deep valley.
Chris Ridgeway
12 Dec 2011 | 09:49
The FSA are quick to fine and strike off financial advisers and mortgage brokers for minor regulatory failings like failing to submit their Gabriel reports on time under their TCF doctrine. I have not heard of any fines imposed on Mr Turner and his colleagues for their negligence leading to the collapse of our financial system. Surely the FSA should fall on its own TCF sword?
Kenny
12 Dec 2011 | 10:01
First headline: FSA want to fine bank bosses for errors. Second headline: FSA flawed. Third headline; Bosses of FSA fined for error. It’s one rule for us and another rule for them.
Terry
12 Dec 2011 | 10:08
I was surprised to see Abbey praised for their service by Jonathon Cornell recently. I only ever give Abbey cases which could not be turned down and they even managed to do that with a gilt edged case of mine.
D.
12 Dec 2011 | 13:58
…………………………
Abbey launches into buy to let
Mortgage Solutions | 12 Dec 2011 | 09:08
Kay McLellan
There not exactly ground breaking products or criteria. Don’t think they will be doing much business north of the Watford gap with a £100k minimum property valuation. Minimum income requirement as well will exclude a lot of investment property purchasers. Why, when there is a steady demand for rental property, which is likely to rise, are lenders still treating buy-to-let as a bad apple?
I could go on but the above together with recent service issues with Abbey means that it looks like TMW and BM Solutions will continue to get the lion’s share of my buy-to-let business. Perhaps when they do no business they will realise they have got it wrong and relax their criteria. Come on Abbey you can do better than this!
M. S.
12 Dec 2011 | 18:20
I would imagine Abbey are dipping their toe in the water with those rates. With service being top of the agenda next year, the last thing they need is to enter the buy-to-let market and it to have an adverse effect on what they have worked hard on in the intermediary market. Once the kinks are ironed out, I think we will see some serious competition.
Jaime Harris
12 Dec 2011 17:28
………………………
NatWest relaxes buy-to-let criteria
Mortgage Solutions | 12 Dec 2011 | 14:35
Paula John
I think the £50,000 income requirement is going to kill the lower rental calculation for a majority of investors. The national rate at 7%, up from 6.75%, is very high for the £20,000 + income people. I don’t see much ‘relaxing’ going on here and don’t expect to do much buy-to-let business with NatWest.
Mark Sutton
12 Dec 2011 | 18:11
………………………..
This week’s start letter comes from Des Platt who gives us his thoughts on FTSE Chief Executive’s pay increasing by 1,200% over 25 years.
FTSE 100 chief executive pay up 1,200% in past 25 years
Mortgage Solutions | 12 Dec 2011 | 08:23
IFAonline
This is why capitalism is bust. I’m a socialist but I know that can never work because the ambitious, greedy and power hungry get to the top in every system. Cast adrift from mainstream Europe, even if fortunately we do not have the Euro, there is no hope for this economy.
The FTSE executives will continue to loot it and pay themselves bonuses on the back of keeping pay down and hence demand out of the system. For most people, prosperity increased tremendously in the years from 1945 to 1970 when there was far more equality in the distribution of wages. Since 2000, growth in GDP in the Western world vastly outstripped wages. It is ridiculous when these executives award themselves with a bonus.
The reductions in pay at the bottom stop people buying from shops and hence reduce the tax take twice over. Even correcting the present system, it is doomed as the world just cannot support infinite demand for growth in the Western world and the economies that we lived off the back of for years. We need to live more simply. With the captains of industry and politicians giving no example, there is no hope.
Des Platt
12 Dec 2011 | 14:13
………………………..
Thank you for all your comments
From the Mortgage Solutions team
