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FSA Chief Executive calls for common sense from lenders

Speaking at the BSA Conference today, FSA chief executive John Tiner called for lenders to use common sense when assessing borrowers&#39 ability to repay mortgages.

Tiner said lenders should be satisfied a borrower had sufficient income to meet monthly installments, not only at the beginning of a loan but also when rates normalise.

He said that the lenders&#39 assessment should also look at the borrowers&#39 ability to repay the capital amount, not just the interest on a mortgage.


Wicks closing the pension loophole

A new package of retrospective measures designed to stop employers sidestepping their pension obligations was unveiled last week by pensions minister Malcolm Wicks. The new clauses introduced into the Pensions Bill aim to address the risk of employers trying to dump their liabilities on the Pension Protection Fund, which the Department for Work and Pensions […]

Home on the range

The Government is fostering a Wild West for home-reversion cowboys, concentrating regulation on the safe majority of the market and leaving the frontier open to lawlessness, according to many industry commentators. And unfortunately, it seems the industry is not bound to get its wish for regulation of home-reversion schemes when the Treasury lays down its […]

Expunging avoidance

In the wake of the publication of the Finance Bill, I would like to look at the background to the new disclosure rules for tax avoidance. When new disclosure provisions for promoters of tax-avoidance schemes were announced on Budget day, tax planners had already been alerted to the possibility by rumours that gathered pace in […]

Selestia chief says IFAs have no duty to sell WP

Selestia managing director Brett Williams has hit out at Prudential UK chief executive Mark Wood&#39s stance on with-profits, saying his comments stem from a vested interest. Wood criticised Hargreaves Lansdown at a Money Marketing round table on with-profits last month, saying its decision not to offer with-profits bonds was a “dereliction of duty”. But Williams […]


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