The Financial Services Authority (FSA) has fined David Jones, Northern Rock’s former finance director, for the misreporting of mortgage arrears at the bank.
The Watchdog has fined Mr Jones £320,000 and banned him from performing any function in relation to any regulated activity.
The fine comes...
Posted to
Finance
on 07-27-2010
Filed under: All Financial News, mortgage arrears, Banking News, figures, FSA, Northern Rock News, former, fine, finance director, David Jones, false
Proposed new rules on mortgage lending from the Financial Services Authority (FSA) have received broad comment.
The regulator claims that almost half of new mortgages approved between 2007 and the first quarter of 2010 were provided without verification of income.
It therefore wants to impose affordability...
Posted to
Finance
on 07-15-2010
Filed under: All Financial News, Mortgage News, Financial Services Authority, FSA, mortgage lending, interest only, self-employed, new rules, self-certification mortgages, indemnity insurance, Adam Challis, high LTV mortgages, Hamptons International
Posted to
Finance
on 07-13-2010
Filed under: All Financial News, repossessions, Mortgage News, Financial Services Authority, FSA, new, proposals, responsible lending, arrears, income, causes, verify, affordability tests
The Financial Services Authority (FSA) has published new rules aimed at protecting vulnerable customers in arrears on their mortgages.
From 30th June, homeowners in arrears must be treated fairly by lenders and the following key areas have been confirmed:
Firms must not apply a monthly arrears charge...
Posted to
Finance
on 06-25-2010
Filed under: All Financial News, mortgage arrears, repossessions, Mortgage News, lenders, Financial Services Authority, FSA, record, new rules, telephone calls, monthly arrears charge