This week’s top five stories:
1) FCA strikes off mortgage adviser for income inflation
A mortgage and investment adviser was banned from carrying out any regulated activity after it was discovered he had submitted two personal mortgage applications with inflated income.
2) IMLA Dinner 2014: the night in pictures
The annual Intermediary Mortgage Lenders Association Dinner took place in the heart of London last week. Mortgage Solutions rounds-up the evening’s highlights.
3) FOS reassures advisers: Initial letter is not official complaint
Receiving a letter from the ombudsman saying a customer has made a complaint does not mean a case has been opened, the Financial Ombudsman Service (FOS) has advised.
4) FSE 2014: Smaller lenders hamstrung by big six over proc fees – Cleary
Smaller lenders are unable to increase residential procuration fees unless the bigger players make the first move, Precise Mortgages managing director Alan Cleary has said.
5) FCA to investigate Tesco after £250m accounting error
The Financial Conduct Authority will conduct an investigation into Tesco after the firm overstated its estimated half-year profits by £250m.
Here are some stories you may have missed:
Nationwide relaunches Help to Buy 1 and sets out stall
In yet another market boosting move, Nationwide Building Society is resuming access for home movers keen to use the government’s Help to Buy equity loan scheme from tomorrow (24 September).
FSE 2014: Lenders ‘filled their boots’ on non-income verified sales pre-MMR
The Financial Conduct Authority (FCA) believes mortgage lenders ‘filled their boots’ with non-income verified sales in the run-up to the Mortgage Market Review implementation.
Client fees versus proc fee rises – Marketwatch
Charging clients fees for advice on retail investments became a reality for IFAs in 2012 under the Retail Distribution Review which placed a ban on commission being paid by investment providers.
FSE 2014: Fixed rate price war is merely ‘window dressing’ – Haresnape
The price battle between lenders in the fixed rate mortgage market has been described as ‘window dressing’ by Aldermore’s Charles Haresnape.
Networks and the FCA are coping best post-MMR – BDRC
Intermediaries think that lenders are gradually coping better with the new MMR rules, but they see no clear trend towards potential borrowers coping better, writes Tony Wornell.
