FSA Compliance News

FOS funding crisis - emergency levy may be required.

Posted by Admin on 2011-03-28 15:59:17 BST

The Financial Ombudsman Service may have to impose an emergency levy on all firms following the refusal of many firms to pay case fees for PPI complaints whilst the results of the British Bankers Association Judicial Review are awaited.

PPI Sale Ban Confirmed

Posted by H3 on 2011-03-25 16:31:21 GMT

The banning of payment protection insurance at point of credit sale has now been confirmed by the Competition Commission. A seven day gap between the quote being issued and the PPI sale must be followed. A number of additional rules have also been introduced.

FSA 'won't ban interest only'

Posted by Admin on 2011-03-22 14:33:40 GMT

In its Business Plan for 2011/12 published today, the FSA has insisted that the Mortgage Market Review (MMR) will not become a 'one size fits all' exercise and that they will look to balance consumer protection against consumer choice.

Increases in inflation AND government borrowing suggest a Budget with little to give away

Posted by Admin on 2011-03-22 14:20:37 GMT

Figures released today showing a further increase in the Consumer Prices Index to 4.4% in February coupled with the highest public borrowing for that month since modern records began in 1993.

Mortgage Brain drops Trigold aquisition

Posted by Admin on 2011-03-22 14:08:18 GMT

Following the announcement in December 2010 that Mortgage Brain were planning to buy TrigoldCrystal the OFT announced last week that it intended to refer the move to the Competition Commission. This seems to have caused second thoughts at Mortgage Brain.

C&G to stop accepting broker business- BDMs have to reapply for jobs AGAIN!

Posted by Admin on 2011-03-22 13:54:48 GMT

Following Cheltenham and Gloucester's announcement last week that they will stop accepting intermediary applications after 31st March, Lloyds Banking Group's (LBG) BDMs have been told they will all need to re-apply for their jobs as part of the shake up.

Base rate remains unchanged...but for how much longer?

Posted by Admin on 2011-03-10 13:14:19 GMT

The Bank of England's Monetary Policy Committee has announced that base rate will remain at 0.5% making it a full two years since the rate was dropped to this record low level.

Hector Sants Speech on the FCA

Posted by H3 on 2011-03-04 13:16:07 GMT

The FSA’s Chief Executive Hector Sants has made a speech at the British Banking Association Conference regarding the new opportunities and plans with the Government's intended regulatory authority for consumer protection and markets, the Financial Conduct Authority (FCA).

CAB submits super complaint to OFT

Posted by Admin on 2011-03-03 15:22:41 GMT

In a report entitled 'Cashing In', the charity says tens of thousands of people are being tricked out of large sums of money.

European Court ruling bans gender based pricing by insurers

Posted by Admin on 2011-03-02 14:23:52 GMT

A landmark ruling by the European Court of Justice will remove the exemption that insurers had previously enjoyed to allow them to price their products according to gender from the end of 2012.

FSCS declares Welcome Financial Services Limited in default

Posted by Admin on 2011-03-02 13:45:38 GMT

Complaints against Welcome Financial Services Limited (WFSL) will now be the responsibility of the Financial Services Compensation Scheme (FSCS).