This week’s top five stories:
1) Mortgage broker speaks out on ‘horrific’ police investigation
A mortgage broker wrongly suspected of involvement in fraud has described the criminal proceedings as “a living nightmare”.
2) FSA cancels permissions of mortgage brokerage
The Financial Services Authority has cancelled the permissions of mortgage brokerage Euro Mortgages Limited.
3) Northern Rock to refund £270m to customers
Northern Rock Asset Management is to compensate customers a share of £270m who took out loans with the bank, following errors made in paperwork.
4) FSA fines Cheshire Mortgage Corporation and directors £1.2m
FSA fines ex-sub-prime lender Cheshire Mortgage Corporation Limited and two directors for mortgage sales and arrears failings and requires compensation for over 2,000 customers.
5) Hidden covenant clause sees adviser barred from Intrinsic
One London-based adviser has said that an unseen restrictive covenant in a contract with his appointed representative (AR) firm means that he is prevented from working for one of the biggest networks in the country forever.
Here are some stories you may have missed:
Black and White directors fined and banned; Money Partners lent firm £1m
Directors of Black and White Group, Chris Ollenrenshaw and Thomas Reeh have both been fined by the regulator, but Adrian Childs and Ollerenshaw have been banned.
‘Dickensian’ landlord faces letting ASBO
A landlord whose tenants lived in “Dickensian squalor” may be the first to receive a property rental ASBO.
Bridging lender Cheval stops accepting applications
Bridging and commercial loans lender Cheval could be forced to close down after failing to gain funding needed to secure its future.
Will the MMR tighten the lender-adviser relationship?
The Mortgage Market Review rules, out in October, tightened rules on advised and non-advised sales.
How a bridger cracked the £1.5m ‘fake sheikh’ mortgage fraud
The story of how an attempted £1.5m mortgage fraud was foiled was laid bare in a television documentary today.
