View more on these topics

BSA defends record on commercial lending

The Building Societies Association is criticising FSA chairman Howard Davies for singling out the sector&#39s approach to commercial lending.

Speaking at the launch of at the De Montfort Study of the UK commercial property market last week, Davies said the FSA would be monitoring the “performance of a number of building societies whose commercial property loans are growing as a proportion of their total loanbooks”.

He pinpointed this as an area of concern, as some societies have less experience of the market than other lenders, especially in working out problem commercial loans.

But the BSA has retorted by saying that building societies active in commercial lending have recruited specialists from outside the sector and have adequate systems in place. It says commercial lending only accounts for about 10 per cent of the sector&#39s total market, with residential lending making up the vast majority.

BSA external affairs manager Rachel Blackmore says: “There has been a growth in commercial lending but this is from a very small base and is carried out by specialists.”

Britannia Building Society corporate public relations manager David Ginivan says: “We would never put the society at risk. We ensure we only get involved in good commercial lending, not areas with bad debts.”


Legal threat to FSA over cash-laundering claims

A Belfast IFA is threatening to sue the FSA after it announced it was preventing the firm from conducting any business over money-laundering concerns.The firm, Northern Ireland Insurance Brokers, of 147 Stranmillis Road, Belfast, has been banned from carrying out any form of regulated activities because of an investigation into £8m which the FSA says […]

Friendlies angry over Govt barring gateway

The Association of Friendly Societies has attacked the Government for using HBOS “fat cats” to pilot the savings gateway scheme.AFS president Colin Paskell is disappointed that the Government has failed to involve friendly societies in the project. He says the Treasury ignored repeated requests from the AFS not to restrict the pilot to a single […]

Product matters

The New Start mortgage for divorcees from The Mortgage Business is the second mortgage this year targeted at the increasing number of divorcees in the UK.The first, from Charcol, enabled a divorced partner to use maintenance income without a court order as a source of income for a mortgage.The New Start loan, marketed by The […]

Outside edge

An outsider could be forgiven for assuming that the movers and shakers of the fund management industry would be those responsible for running the companies. Increasingly, however, it is portfolio managers who have been moving and shaking the most.Staff departures are scarcely new. They are treated as regrettable, nonetheless “local” difficulties. In a market suffering […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm