View more on these topics

Four loan networks in FSA probe

Mystery surrounds the identity of four mortgage networks that have voluntarily agreed not to recruit further appointed representatives following an FSA investigation.

The regulator refuses to name the four networks, out of 12 visited in the first half of this year, that were found to have inadequate systems and controls to manage their ARs.

The FSA’s failure to release the names has drawn criticism from some brokers as it means ARs will not be able to rule out their own network from being one of the four.

Others say the FSA would be treading on dangerous ground by revealing the names before a formal investigation and subsequent enforcement action.

The FSA says the quartet also have authorisation to conduct general insurance business.

London & Country head of communications David Hollingworth says: “I can see why ARs would want to know who the four are but the FSA is taking a consistent approach and wants to get to a proper conclusion first.”

The FSA says: “Overall standards were disappointing.”

Recommended

McPhail accuses Balls of misleading savers over ASP

Treasury Economic Secretary Ed Balls has misled savers by saying that an alternatively secured pension is just a way for the wealthy to avoid tax, according to Hargreaves Lansdown head of pensions research Tom McPhail. McPhail says the Treasury could, in many cases, increase its tax revenues by allowing people to choose alternatively secured pensions […]

First time buyers still falling short

First time buyers will face a potential shortfall of over 5,000 each, despite planning to spend two years saving for their deposit, according to Alliance & Leicester.The A&L mortgages study found FTBs want to save a deposit of 11,710, about eight per cent of the average first time buyer house price. However, when it comes […]

Support for IFAs and FSA

IFAs fulfil an invaluable role for small and medium-sized investors and are unfairly criticised because of the actions of a few, says New Star chairman John Duffield. He says the big banks are not as interested in the smaller investor, who he believes will suffer if IFAs are squeezed out of the market. He says: […]

System problem means NU misses FSA data deadline

Norwich Union is understood to be the only major insurance company which has failed to meet the FSA’s new product sales data requirements. From July 28, providers are required to provide information on whether products were sold on an advised or non-advised basis but NU will miss this deadline as its systems are unable to […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment