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FSA Fee Calculator

Posted by Admin on 2011-05-20 16:42:35 BST

In the recently issued Regulation Round Up the FSA have confirmed that their online fee calculator will be updated at the end of May to allow firms to calculate the level of their forthcoming fees.


FOS sees spike in PPI complaints but mortgage disputes drop

Posted by Admin on 2011-05-20 16:35:02 BST

The Financial Ombudsman Service saw a large increase in the total number complaints received mainly due to media attention of mis-sold PPI.

It has published its annual review covering the financial year, which reveals that in 2010/11 it received 7,067 mortgage complaints, down from 7,469 in 2009/2010 and 7,602 in 2008/2009. However 51% of the new cases were about the sale of payment protection insurance (PPI) with the number more than doubling to 104,597 – the highest number ever received in a year about a single financial product


ICOBS Oral Disclosure Deadline

Posted by H3 on 2011-05-09 12:47:33 BST

If your firm has sold pure protection insurance then you should have received the FSA’s ‘Dear Compliance Officer’ letter dated 29th November 2010. 

This requires all firms selling pure protection contracts to undertake a review of their processes and confirm in writing to the FSA that they are meeting the oral disclosure requirements of ICOBS. 

A deadline of six months was given to complete this check – which will expire at the end of May.



Base Rate remains on hold

Posted by Admin on 2011-04-07 12:37:12 BST

The Bank of England MPC has announced that base rate will remain at 0.5% -  at least for one more month.  Higher than expected inflation figures last month and a number of indicators suggesting that the economy was beginning to recover more strongly had pushed the case for rate rises, but events in the last few days have suggested that the economy may not be able to stomach a rise just yet!


New FSA Client Money Rules Announced

Posted by Admin on 2011-04-01 17:29:26 BST

Following on work which highlighted the shortcomings in current auditing practices involving client money the FSA has announced additional requirements which will take effect from 1st June 2011.


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.


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