Last week’s top five stories:
1) FSA bans adviser for faking employer references
The Financial Services Authority (FSA) has banned a financial adviser after he gave false references from a previous employer, from which he had been dismissed for dishonesty.
2) Sesame most complained about IFA business
Network Sesame has topped the Financial Ombudsman Service (FOS) complaints table for IFA businesses, with 138 customer reports in the first half of this year, compared to 140 in H2 2011.
3) FSA approval time lengthens to six months
Financial service start-ups are facing record wait times for FSA approval, with the average wait now reaching 22.9 weeks, 9% higher than the previous peak of 21 weeks in Q2 2010.
4) Now is the time to push remortgages
“There has been much talk of one-off events such as the Diamond Jubilee, the Olympics and the Paralympics distorting trends, data and the overall picture of certain markets,” insists Barclays’ David Finlay.
5) Nationwide dominates building society sector – KPMG
Nationwide continues to dominate the building society sector, according to the latest KPMG Building Societies database.
Here’s some stories you may have missed:
Boost in availability of high LTV mortgages
The number of high LTV products on the market jumped during August, according to research by Moneyfacts.
Shadow housing minister slams Grant Shapps’ record
Shadow housing minister Jack Dromey has criticised the record of former housing minister Grant Shapps, calling on his successor to spend more time on his job than on Twitter.
The MMR must consider rocketing fees – AMI
Recent research from the team at Moneyfacts has produced further evidence to support the FSA’s MMR proposals saying that the impact of fees should be considered as part of the advice process.
HMRC unit nets extra £500m from UK’s millionaires
HM Revenue & Customs (HMRC) has brought in £500m in extra tax, after the creation of a crack unit focused on the country’s wealthiest people three years ago.
Accord creates 50 mortgage case management jobs
Accord Mortgages, the Yorkshire Building Society subsidiary is creating 50 new mortgage processing jobs.
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And finally: Complete FS is running an alternative Ryder Cup challenge
Coinciding with this month’s biennial Ryder Cup match between the USA and Europe, mortgage and bridging distributor, Complete FS, is running its own Ryder Cup challenge between two teams drawn from the mortgage and bridging sectors.
On Tuesday 18th September at the Meon Valley Golf & Country Club, they will compete for the ‘alternative’ Ryder Cup and the opportunity to raise money for Complete FS’s charity of the year, Cancer Research.
Complete FS Director, Tony Salentino, said: “It is time to take the gloves off and settle the bragging rights between the ‘Old World’ mortgage community representing Europe and the vibrant ‘New World’ bridging sector, representing our brash cousins across the water. I am captaining the ‘European’ Mortgage Team and my colleague, Phil Jay, will captain the ‘US’ Bridging Team.”
The Mortgage Team will be represented by GE Money, Kent Reliance, Buckinghamshire Building Society, Blemain Group, Bath Building Society and Platform Homeloans. The Bridging Team is made up of representatives from Omni Capital, Precise Bridging, United Trust Bank and Lancashire Mortgage Corporation.
Salentino added: “It has been clear for some time that the mortgage market has had its nose put out of joint by the recent successes of the bridging upstarts and this gives my Mortgage team the chance to really spank the yanks!”
Opposing team captain Phil Jay replied: “Bridging might be the underdog in terms of volumes but we are easily the most proactive and colourful sector in the lending market and we aim to wipe those complacent smiles off the faces of the mortgage team.”
