View more on these topics

FSA turns down three out of five lenders

The FSA has revealed that only two out of five mortgage lenders who have applied for permission over the last 12 months have been successful.

Responding to a Freedom of Information request by Money Marketing, the regulator revealed that only two bridging loan firms, Wey Bridging and SML Homes, have been given permission to lend.

Of the other three, two withdrew their applications before the FSA could make a decision and one is still “under consideration”. The FSA could not reveal the names due to privacy laws.

Checkmate Mortgages says it is yet to apply for FSA authorisation. Executive chairman Stephen Knight says: “I cannot give a launch date yet. We are talking to the FSA but until we secure funding ourselves there is no point in getting permission.”


FTSE continues climb

The FTSE 100 has climbed almost 2 per cent on Friday, recouping some of the losses made earlier in the week.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm