Tag Archives: FSA

Property hijacks prompt fraud alert from the FSA Buy to Let News, Cautionary Tales, Latest Articles, Lettings & Management, Mortgage News, Property Market News

Financial watchdog is alerting landlords to watch out for property hijacking by fraudsters and crooked mortgage brokers.

The Financial Services Authority has circulated the warning to all small financial advice firms in the UK to pass on to clients. Continue reading Property hijacks prompt fraud alert from the FSA


Is your name listed in the fraudster’s phone book? Cautionary Tales, Financial Advice, Latest Articles, Property Investment News

Property investors targeted by fraudsters are about to receive a letter or email from financial watchdogs warning them crooks are trying to con them out of cash.

More than 75,000 names are on a secret scam list recovered by the Financial Services Authority (FSA) in an operation against firms selling worthless investments. Continue reading Is your name listed in the fraudster’s phone book?


Brokers Slammed for Bridging Loan Abuse Financial Advice, Latest Articles, Mortgage News

Mortgage brokers have come under fire from consumer watchdogs for failing to advise customers about the risks of short-term borrowing to earn huge commissions.

After a mini-boom in lending over the year reported by bridging lenders, the Financial Services Authority (FSA) has warned that some brokers are doubling or trebling their fees by recommending bridging to customers rejected by banks and building societies. Continue reading Brokers Slammed for Bridging Loan Abuse


FSA Propose New Mortgage Lending Restrictions Buy to Let News, Latest Articles

Tough new mortgage restrictions to stop borrowers falling in to arrears have been proposed by the Financial Services Authority after months of behind-closed-doors negotiation with lenders.

Out go self-certification and interest-only home loans for most mortgage borrowers.

In come strict affordability tests to combat payment difficulties and mortgage fraud for borrowers – with lenders having to prove borrowers could afford their repayments before taking any action to seek arrears or repossession. Continue reading FSA Propose New Mortgage Lending Restrictions


Buy to Let Mortgage Regulation is Logical, says the FSA Buy to Let News, Latest Articles, Property Investment News, Property Market News

The UK will comply with proposals to regulate buy to let mortgages if the European Union decides to include the loans in the forthcoming consumer credit directive.

Despite warnings that regulation will change the face of the market from bank and building society trade body the Council of Mortgage Lenders, the Financial Services Authority sees the ‘logic’ in the directive.

The CML has argued for some months that buy to let loans should remain outside the directive because the borrowing is a commercial rather than consumer transaction. Continue reading Buy to Let Mortgage Regulation is Logical, says the FSA


FSA to Warn Homeowners About Misleading Lease Option Deals Latest Articles, Lettings & Management

Consumer champions are warning homeowners with financial problems about property speculators who offer a way to avoid repossession with lease option deals.

The Financial Services Authority (FSA) is drafting guidelines warning homeowners about some unscrupulous companies that fail to deliver their promises to stop repossessions or ease their financial problems.

Lease options are a controversial property investment tool favoured by speculators looking for below market value deals. Continue reading FSA to Warn Homeowners About Misleading Lease Option Deals


Finance firms named and shamed for poor customer service Financial Advice, Latest Articles, Property Market News

Phone on fire

"Barclays are the bank with the most complaints"

The worst banks and financial services firms picked up 1.1 million customer complaints in the first six months of the year.

The figures come from name and shame data published by the Financial Services Authority (FSA).

Bottom of the list come the high street banks, courtesy of the payment protection insurance debacle that has led to them repaying customers around £13 billion in rip-off fees.

Also in the bottom 10 are credit card providers Capital One and MBNA, while British Gas sneaks in at number 10.

The bank with the most complaints is Barclays, with 251,563 customers moans. Next were Lloyds TSB stacking up 181,907 gripes and Santander with 168,888 complaints.

Altogether, 165 financial firms which picked up more than 500 complaints are listed.

They collected a total 1,761,144 customer complaints. Around 285,000 are still open.

“The FSA is committed to greater transparency where it will benefit consumers. Publishing this data brings complaints to the attention of firms and consumers alike, and gives firms a benchmark and an incentive to improve how they treat their customers and handle complaints,”said an FSA statement accompanying the data.

The complaints cover banking, insurance, credit cards, loans and mortgages


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