A Labour backbencher is calling for better regulation of repossessions to protect vulnerable consumers.Treasury select committee member George Mudie told Parliament that the recent increase in repossessions along with the “questionable and somewhat arbitrary behaviour of lenders” mean that regulation should be strengthened. In a bill brought under the 10-minute rule, Mudie called for one regulator to take control of secured loans due to confusion over the current system, where regulation is divided between the FSA and the Office of Fair Trading. The MP for Leeds East said irresponsible lending should be taken into account when repossessions were sought, as well as the time that the borrower had been in the property and the damaging effects of forced repossession on children. He said repossession should not take place if there was a given level of equity in the property and regulation should cover the behaviour of local councils in providing alternative housing. Mudie quoted evidence from the Citizens’ Advice Bureau that some lenders take court action for possession too quickly without regard for good arrears’ practice. He also attacked the Council for Mortgage Lenders for what he called complacency in its attitude to the rise in repossessions, which grew by 60 per cent last year to 10,250. Mudie said: “The measures are all designed to strengthen the regulations so that innocent, hard working people who have a temporary setback can be given every opportunity to keep the family home together and, when appropriate and by agreement, make good the default.” A CML spokesman says: “Our attitude to increased repossessions is not complacent but these figures have to be put into context compared with the highs of the late 1980s and early 1990s.”
Mifid could result in legalistic and prescriptive rules, despite the FSA’s bid for a more principle-based and simplified Cob handbook. The FSA says it will try to use Mifid language in the new handbook, published next year, to avoid gold-plating.
Ingenious Asset Management has recruited Peter Clark, Paul Gibson, Keith Barrett, Gerald Slocock and Victoria Prendergast as investment directors from Singer & Friedlander.All five are senior investment professionals and have an average of over twenty years experience in the industry of building a portfolio management business. Ingenious Asset Management is the asset management business of […]
We find ourselves in the middle of the awards’ season. I attended another ceremony last week and most of us felt that, save for a few notable examples, the short lists and awards lacked credibility.
The FSA must wake up to the fact that current industry reporting requirements are not based in reality, according to independent consultant Ned Cazalet. Cazalet warned the IEA annual conference last week that product providers are not disclosing real profits as their new business numbers in life and pensions are based on money being recycled […]
With a 10 per cent return from his Global Income Fund in the first three months of 2015, Jacob de Tusch-Lec talks to journalist Alexis Xydias about the drivers and why he favours Europe and Asia over the US. Jacob believes European companies remain cheap and is still finding opportunities amid value stocks – in contrast […]
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