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Criteria to tighten if MMR stays unclear

Lenders could tighten their criteria even further if the regulator does not provide further clarity on the mortgage market review’s new rules.

In a mortgage panel debate at the Sesame Symposium in London last week, Nationwide group distribution director Matthew Wyles said lenders will restrict criteria for fear of falling foul of the new rules if they are not clear.

He said: “The great fear is of a principle-led scenario. We all know what principle-led regulation is – it is the ability to rewrite the rules retrospectively and tell us we were not consistent with the principles we thought we understood.

“Let’s get some rules we all understand because there is a danger that we lenders will end up building a firewall between the absolute limit about where that regulation may technically permit us and where we are willing to go. That is always a consequence of a lack of clarity.”

Barclays intermediary channel director David Finlay urged the FSA to keep up a constant dialogue with the European Commission to ensure the MMR will not have to be changed once the EC implements its mortgage credit directive. He said: “We want absolute clarity, no retrospective regulation and please talk to the European regulators as well, so we do not have to go through this again.”


S&P predicts 20% arrears increase even if economy recovers

Arrears levels could increase by more than a fifth even if the economy slowly recovers and interest rates rise gradually, according to Standard & Poor’s. But if the economy takes a turn for the worst and returns to recession, arrears and repossession levels could double, the ratings agency claims. The forecasts were made in a […]


Michael Johnson says professional trustees put their jobs before members

Centre for Policy Studies research fellow Michael Johnson has warned that professional pension trustees may not act in the best interests of beneficiaries in order to preserve their jobs. At the Tax Incentivised Savings Associations annual conference in London last week, Johnson said it is in members’ interests to reduce the number of pension schemes […]

 Article 50 Q&A: The negotiations to watch for 

Holly Cassell, Assistant Manager of the top-performing Neptune UK Mid Cap Fund, discusses the potential near-term impact of Article 50 and the Brexit negotiations that she believes investors should pay most attention to. Read article here Important information  Investment risks  Neptune funds may have a high historic volatility rating and past performance is not a […]


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