Sam Barker

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FCA data sheds light on mortgage broker numbers

There are 5,210 directly-authorised mortgage intermediary firms in the UK, according to Financial Conduct Authority figures. The FCA says those firms employ 34,105 approved people, and that there are an additional 14,169 appointed representatives as of 10 January 2018. The regulator revealed the data following an anonymous Freedom of Information request. Figures or estimates on […]

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A third of millennials could still be renting in retirement

A third of millennials could be forced to rent in retirement, according to a report from the Resolution Foundation thinktank. Up to half of that generation could also be renting into their 40s, and around 40 per cent are renting at the age of 30. A Resolution Foundation statement says: “Our estimates suggest that if […]

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Robo changes could take business off traditional mortgage brokers, FCA says

The FCA says it expects technology changes to cause lenders to rely less on traditional mortgage brokers in the future. The regulator makes the prediction in its ‘sector views’ document, published alongside its 2018/19 business plan today. The document says: “PSD2 and Open Banking are likely to accelerate the digital transformation of retail lending business […]

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Property investment firm targeted in latest clone scam

The FCA is warning consumers to be wary of fraudsters who have cloned property investment firm Castlebrook Properties Ltd. The legitimate firm has been copied by scammers using the same name. The fake firm also sells a ‘Castlebrook Properties HMO Properties Bond’. The real firm is based in Old Broad Street, London. The fake firm has […]

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Pressure from estate agents to use in-house advisers harming consumers

Potential homebuyers are being pressured by estate agents to use their in-house mortgage and conveyancing teams, leaving some able only to access advisers with restricted lender panels. An investigation by Money Marketing’s sister title, Mortgage Strategy, found dozens of cases of customers across the UK being pressured or ordered to use estate agents’ in-house staff, […]

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Mortgage broker directors join SJP with new wealth management business

Two directors of a mortgage broker have set up a wealth management firm that will be part of St James’s Place. John Charcol sales director Peter Williams and marketing director Ben Larkin have  started wealth management business Firmitas Financial Services. Larkin says: “We are looking to team up with mortgage advisers and other professional introducers […]

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Spring Statement: Chancellor earmarks more housing cash

Chancellor Philip Hammond earmarked more cash for affordable housing in his Spring Statement today. The Chancellor assigned an extra £1.7bn for affordable housing in London, equating to 26,000 new homes. Hammond said the extra cash would take the total planned affordable housing levels in London to 116,000 by the end of 2021/22. Hammond also added that […]

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FOS may reopen cases after exposé on poor staff training

The Financial Ombudsman Service may reopen thousands of completed cases following undercover reporting that discovered staff had incomplete training. Some staff had to resort to using Google to do their own research on complained-about products. Other employees said they were thrown into cases with little or no training. The findings air tonight in Channel 4’s […]

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L&G Home Finance eyes 2018 expansion past equity release

Legal & General Home Finance is set to diversify beyond offering lifetime mortgages this year, according to managing director Steve Ellis. The L&G arm has only handled lifetime mortgages since the firm entered the market by buying Newlife Home Finance in 2015. Ellis says: “This year we will be broadening out into products that are […]

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FCA finds ‘significant concerns’ with advice over second charge mortgages

The FCA has criticised poor lending practices in the second charge market, including poor affordability checks and firms breaking key conduct rules. The FCA made the statements in a ‘dear CEO’ open letter to all second charge lender executives today. The letter follows the regulator’s review of second charge lenders, started last year and revealed by Money […]

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FCA replaces mortgage advice manager

The FCA has appointed Julia Tennant as its new mortgage manager, the regulator has confirmed. The role was previously occupied by Lynda Blackwell, who left last year. In her 16 years with the regulator, Blackwell orchestrated reform including the Mortgage Market Review, and was previously mortgage policy manager at the regulator. Tennant is currently manager […]