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FCA urged to rethink equity release affordability rules

The Equity Release Council is urging the FCA to consider easing mortgage affordability rules to help consumers make interest repayments before swapping to a roll-up deal. Changes to the Mortgage Conduct of Business rules following the Mortgage Market Review mean lifetime mortgage contracts which permit consumers to pay interest for a period are subject to […]

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CML and BBA boards vote for trade body merger

The boards of the Council of Mortgage Lenders, British Bankers’ Association and Payments UK have voted in favour of a mooted trade body merger. The boards have urged their members to vote for a merger when they come to make their decision. Payments UK is also the first trade body to fully approve the merger […]

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MPs warn DWP over £387m Nest loan

Members of the influential Public Accounts Committee have criticised the Department for Work and Pensions and Nest for failing to explain how the scheme will pay back its multi-million pound loan. In a report published today on automatic enrolment, MPs say they are “concerned that neither the Department nor Nest could provide a credible estimate […]

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Graphic content – May; UK economic data has finally turned for the worse

In June 2016, immediately before the Brexit referendum, a curious thing happened. Despite the colossal uncertainty facing the UK, economic data actually started to come in above consensus forecasts. Citi’s economic surprise index nudged into positive territory, which meant that UK economic data had on the whole outperformed consensus forecasts over the prior three months. […]

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