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FSA pressed on timetable for Lehman inquiry

Structured product action group Spirit has called on the FSA to set out a timeframe for its investigation into Lehman-backed products.

Founder Peter Howard, who invested £50,000 in a Lehman-backed plan through NDFA, says affected investors have little indication of how long the wider inquiry could take.

Conservative MP Ed Vaizey tabled an early day motion on May 6, calling for a rapid FSA investigation. The EDM has 49 cross-party signatures and is looking to secure a debate on June 22.

The regulator says that it has agreed to formally update the ombudsman on progress in three months’ time from May 7, when it took on the “wider implications” investigation, but adds that the full review is “unlikely” to be completed by this date.


Broker banned

The FSA has banned South London mortgage broker Guiliano Chianelli of GCM for claiming he earned 70,000 in a self-cert mortgage application when he only earned around 9,000.

Negative charge

Chatting to a family lawyer, she commented on the downturn in Middle England divorces. The main reason is lack of liquidity in the mortgage market.

ASA finds chaser ads misleading

The Advertising Standards Agency upheld a Lloyds TSB complaint over advertisements by Debt Free UK, a claim company, which suggested credit cards or loans taken out before April 2007 could be unenforceable.


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