Devraj Ray

Reporter

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TSB in takeover talks with Spanish bank

TSB has received a “preliminary proposal” from Spanish bank Sabadell to purchase all outstanding shares in the UK lender. An all-cash initial bid of 340p per share has been made, valuing the company at around £1.7bn. TSB says it would recommend accepting such an offer pending agreement of “other terms and conditions”. TSB’s share price […]

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Government sells further £500m of Lloyds shares

The Government has reduced its stake in Lloyds Banking Group by selling off a further £500m of shares. UK Financial Investments, the company set up to manage the Government’s stake in Lloyds Banking Group and Royal Bank of Scotland after both banks were bailed out by taxpayers in 2008, now owns 22.9 per cent in […]

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Towergate Financial sold to private equity firm in £8.6m deal

Towergate has sold its financial planning arm, Towergate Financial, to Palatine Private Equity in a deal worth £8.64m. Towergate says it has decided to offload the business the – which includes advice firm TF Financial Planning and mortgage broker John Charcol – because it has a different risk profile to the company’s core insurance broking operations. […]

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FPC under pressure to review LTI cap

Trade bodies have urged the Financial Policy Committee to review its loan-to-value cap over fears of a “domino effect”, where more lenders introduce their own caps. In October, the FPC, which is a Bank of England committee tasked with ensuring financial stability, limited lending of over 4.5 times income to no more than 15 per […]

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Is lenders’ digital shift a threat to mortgage brokers? – no data this week

Lenders are preparing to fight back in the battle for market share by ramping up their execution-only digital sales platforms. But does this represent a threat to growth in the broker market? Under MMR, a residential mortgage sale can only be non-advised where there is no interaction with the borrower. This means it must be […]

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Protection portals report rise in IP enquiries

Protection sales portals iPipeline and The Exchange have reported a spike in the number of income protection enquiries they received between November and January. iPipeline says it received 65 per cent more enquiries in the three months to 31 January than during the same period a year earlier, while Iress’ The Exchange platform reports a […]

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SFO launches criminal investigation into green investments

The Serious Fraud Office has launched a criminal investigation into an alleged fraud conducted by two green investment funds. As part of the investigation into Global Forestry Investments and Global Forex Investments, the SFO and City of London Police have today raided two offices reportedly serving as the firms’ bases. According to a Sunday Times […]

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TSB introduces blanket LTI cap

TSB has introduced a 4.5x income multiple cap on all mortgage applications. All applications submitted on or before 24 February will continue to be processed under the previous cap of 5.5x income. In a broker note issued today, the lender says it has “made this decision in response to changes in the market.” Barclays introduced […]

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Regulator unveils payday lending clampdown

The Competition and Markets Authority will force payday lenders to publish clear product details on at least one FCA-regulated price comparison website to ensure borrowers are getting the best deals. In its final report on the payday lending industry, published today, the CMA says authorised comparison websites must have “clear, objective and comparable information on […]