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Hard look at issue of footprints

The FSA is looking at lenders’ use of hard footprints when checking potential borrowers’ credit records.

The majority of lenders now use hard footprints when checking credit, which many claim can be damaging as it can be seen by other lenders. When soft footprints are used, only the lender and borrower can see the search.

Treasury select committee member George Mudie asked FSA chairman Adair Turner if the FSA is looking into the issue.

Turner said: “The answer is yes. In the context of the mortgage market review, credit-scoring was relied on quite heavily in the fast-track mortgage structures that existed in the past, so it took on a much higher profile. In our current proposals, where we are asking for income verification, it becomes less of a significant issue but it is certainly something that is on our agenda and I will make sure it stays on the FCA’s agenda.”

Lentune Mortgage Consultancy director Stuart Gregory says: “This is more of an issue than ever because people are struggling to get credit and criteria has tightened.”


Rate of change

Despite the distinct scent of spring in the air, the broker community has taken some body blows these last few weeks. Many favoured lenders have adjusted criteria in ways that in certain instances make little sense, dual-pricing has made a comeback and the fiasco surrounding the “funds booking” of one particular lender has reduced grown […]


Exits from the eurozone wouldn’t make sense, says Mobius

Franklin Templeton emerging markets specialist Mark Mobius says an exit from the euro by any of the single currency members “doesn’t make sense”. He says: “Moving into another currency does not solve any problems; in fact it’s running away from problems without heading to the root of what’s wrong. “That’s why I’m baffled when people […]


Treasury on the defensive over “granny tax”

The Government has hit back in the row over the “granny tax” with a Treasury minister insisting the move is fair. In this week’s Budget, the tax-free allowance for pensioners will be frozen at £10,500 until the personal allowance for all other income tax payers reaches the same level. The normal personal allowance is set […]


FSA warning over investment switching costs

The FSA is concerned that advisers are not giving enough consideration to the additional costs clients face when moving them from one investment proposition to another. The regulator will publish a paper on assessing suitability of replacement business and centralised investment propositions in the coming weeks. It will look at advisers’ use of model portfolios, […]


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