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Fears EU lenders will flout MMR

The Association of Mortgage Intermed- iaries is warning that European lenders may passport into the UK under the EU’s responsible lending and borrowing directive and avoid the FSA’s mortgage market review if it is too demanding.

AMI director Robert Sinclair says it is vital that the FSA takes the directive, due to be published later this month, into account and ensures the MMR achieves a level playing field with Europe.

The MMR distribution and disclosure consultation paper, published in Nov-ember, asked for industry views on whether or not advice should be made mandatory for all mortgages.

It also proposed mandatory authorisation from the FSA for every individual selling mortgages.

In February, Money Marketing revealed the European Commission is considering whether to make advice compulsory for mortgage sales.

Sinclair says banks in other EU member countries are lobbying against these proposals. He says: “In European countries the large banking institutions tend to hold a lot of sway. They want to remain in the world of advised and non-advised transactions and do not want indiv- idual registration applied to them.

“EU regulation allows passporting, which would mean overseas banks could sell directly into the UK under the EU directive and consumers would not have the same levels of protection.”



Mortgage Brain backs away from Trigold merger

Mortgage Brain has decided not to progress with the acquisition of TrigoldCrystal after the Office of Fair Trading referred the deal to the Competition Commission. The OFT announced last week that it had referred the proposed acquisition to the Competition Commission, which was to carry out a further investigation and report by September 1. The […]


MM leader: FSA needs to rein in its costs

While it is pleasing to see the FSA business plan confirm a cut in fees for many smaller firms, the relentless overall increase in regulatory budgets is of major concern. When Lord Turner joined the FSA in 2008, he declared small IFAs had been paying too much for too long, yet there has been little […]


Budget 2011: Help for first-time buyers and income tax cut

Chancellor George Osborne is expected to increase the personal income tax allowance by a further £600 and announce a £250m scheme to help first-time buyers in today’s Budget. In last year’s Budget, the Chancellor announced the allowance would rise by £1,000 from April 2011 to £7,475, alongside a £1,400 cut to the threshold for those […]

Is this the endgame for the current mergers & acquisitions boom?

Last year, worldwide mergers and acquisitions (M&A) rose to an unprecedented $4.7tn, according to Thomson Reuters, a 41 per cent increase over 2014. Anthony Forcione, senior equity analyst at Loomis Sayles, an affiliate of Natixis Global Asset Management, looks at what’s been driving this particular wave of mergers. Click here to view full article: Loomis-Sayles


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