This week’s top five stories:
1) Brokers accuse FCA of lender bias
Brokers have called for FCA staff with more sector knowledge of the mortgage intermediary industry to stop undue lender influence on regulatory decisions.
2) Former mortgage broker fails to overturn FCA ban at appeal
A former mortgage broker and adviser has been banned from working in the financial services industry to protect consumers and prevent financial crime.
3) Aldermore sets sights on self-employed market
Aldermore Bank is looking at developing a range of products designed to meet the needs of the growing population of self-employed workers.
4) What do Del Boy and the CML have in common?
This month, the CML celebrates its 25th year as the representative trade body of UK mortgage lenders.
5) FCA pledges to ‘address’ volume-linked proc fees in seconds market
The Financial Conduct Authority (FCA) has warned the second charge market that the practice of linking enhanced commission rates to business volumes will be tackled in its September consultation.
Here are some stories you may have missed:
Should ARs always be punished for the sins of their network? Marketwatch
This week our panel of experts considers whether being part of a network means the AR should be tarred with the same brush as its umbrella organisation.
Our buy-to-let marketwatch
Dominating the headlines in the buy-to-let arena of late is the FCA’s warning that some borrowers and, indeed brokers may try to ‘game’ lenders in order to get around affordability issues, writes Ying Tan.
Nationwide blames increased competition for lending fall
Nationwide reported a 9% drop in gross lending and a reduction in its market share, in the three months to June, which it said was due to increased competition in the market.
US investment banks close to Kensington deal
Sky News is reporting US investment banks Blackstone and TPG are close to signing a deal to buy Investec specialist mortgage lending arm Kensington.
‘New normal’ mortgage market could hit £250bn a year, predicts L&G
Legal & General Mortgage Club director Jeremy Duncombe said as confidence in the economy improves the mortgage market can expect to see the ‘new normal’ level of lending to be between £240bn and £250bn a year by 2017.
