Unfair mortgage charges have resulted in a fine for a UK mortgage lender according to a recent report. GMAC-RFC has been fined nearly three million pounds by the UK’s financial regulator, the Financial Services Authority. (more…)
Posts Tagged ‘FSA’
Unfair charges result in fine for GMAC-RFC
Wednesday, November 4th, 2009
Is the FSA failing to protect homeowners from lenders?
Saturday, October 17th, 2009The Financial Services Authority is the UK’s financial regulator, and part of its job is to protect consumers from unscrupulous actions by banks and financial institutions by ensuring that these institutions and properly and fairly regulated. (more…)
Broker banned and fined by regulator
Sunday, September 6th, 2009Over recent years mortgage fraud has become a big problem in the UK as well as in other countries and the UK’s financial regulator, the Financial Services Authority, has been clamping down on this sort of activity through taking various measures including hefty fines and bans for those industry officials that are found to be involved in mortgage related fraud. (more…)
FSA takes action against broker
Sunday, May 31st, 2009The UK’s financial regulator, the Financial Services Authority, has recently taken action against a mortgage broker that was said to be involved in fraudulent activity. (more…)
92% increase in home repossessions in one year
Sunday, February 8th, 2009During the third quarter of last year the number of people that were losing their homes nearly doubled, according to recent reports. (more…)
Fairness deadline issued to lenders
Monday, January 5th, 2009Lenders who deal with home loans have been given a fairness deadline, and have been told that they could face hefty fines if they fail to treat customers fairly when it comes to dealing with arrears on home loans. Lenders have been told that they must prove that customers that are in arrears or are facing repossession are being treated fairly and that they have to provide this proof by 31st of January. (more…)
Competition Commission concerned over competition with PPI
Monday, November 10th, 2008The financial news has been filled with stories about problems relating to payment protection insurance or PPI, with evidence that this insurance has been mis-sold to consumers for a number of years, and that lenders were using a range of tactics to try and make borrowers take out this cover when taking out finance. (more…)
£30,000 fine for mortgage broker
Wednesday, October 29th, 2008A mortgage broker from the UK has been fined a massive £30,000 by authorities after being accused of giving advice that put consumers at risk during the ongoing global credit crunch and financial crisis. William John Evans, along with a fellow director from Abbey Mortgages, were fined by the Financial Services Authority earlier this month. The FSA is exercising an ongoing crackdown on unscrupulous lenders and brokers given the current financial climate and the state of the housing and mortgage markets. (more…)
FOS still cracking down on loan insurance
Wednesday, October 15th, 2008Although the subject of loan insurance, otherwise known as Payment Protection Insurance or PPI, has been at the centre of heated controversy for some time, this product still continues to attract complaints from customers and concerns from a variety of industry professionals. In fact, the UK’s financial regulator, the Financial Services Authority, and the Financial Ombudsman Service are continuing to crack down when it comes to PPI, having already imposed sky high fines on some lenders and companies that have been found to have been mis-selling this form of cover. (more…)
FOS and FSA still cracking down on loan insurance
Friday, October 10th, 2008Although the subject of loan insurance, otherwise known as Payment Protection Insurance or PPI, has been at the centre of heated controversy for some time, this product still continues to attract complaints from customers and concerns from a variety of industry professionals. In fact, the UK’s financial regulator, the Financial Services Authority, and the Financial Ombudsman Service are continuing to crack down when it comes to PPI, having already imposed sky high fines on some lenders and companies that have been found to have been mis-selling this form of cover. (more…)
The importance of seeking mortgage advice
Monday, June 2nd, 2008Anyone that is not now aware of the chaos that has engulfed the mortgage lending sector in the UK must have been asleep for the past six months. Since the onset of the global credit crunch last summer the UK’s mortgage lending sector has gone from bad to worse, with the effects of the global credit crunch having a profound effect on mortgage lending throughout the nation. (more…)
Should brokers have access to all mortgage deals?
Wednesday, May 21st, 2008One of the traditional ways of finding a suitable mortgage for many people in the UK over recent years has been to go through a broker. Many people who were keen to find the most competitive deal tended to avoid gong from one lender to another in order to browse and compare deals, and get a broker to do the legwork for them, which often saved them time and money. However, in the dark days of the global credit crunch there are many consumers that may find themselves missing out if they go through a broker, and this is something that the mortgage broker industry is not happy about. (more…)
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