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Lenders&#39 anger as Tiner bars questions over monitoring

Lenders have slammed FSA managing director John Tiner for refusing to answer questions on how they can comply with the requirement to monitor point-of-sale documents provided by brokers.

Speaking to CML members at their London conference this week, Tiner said it was right that len-ders assume responsibility for information disclosed by intermediaries but he blocked questions from the floor on how this should be done.

Tiner&#39s stonewalling provoked anger among lenders, who say they need more information if they are to comply with the new regulations.

The FSA says details will be given in its final rulebook but lenders bel-ieve it may already be too late for them to meet the August deadline for statutory regulation.

Skipton Building Society chief executive John Good-fellow says: “Once again, the FSA is startling in its lack of commitment to the mortgage industry.

“We need the regulator to tell us in a timely manner what lenders have to do but when the perfect opportunity arose, Tiner refused to discuss it.”

Halifax mortgage regulation manager Celia Row-land says: “It is all well and good knowing what disclosure is but how are lenders supposed to know how to monitor it? This is not helpful. We need to start preparing as soon as possible.”

An FSA spokeswoman says: “While we appreciate the time pressures, we are unable to make any ann-ouncement until the board agrees on policy. We will be publishing our requirements very shortly.”


Equitable compromise scheme in the post

Equitable Life policyholders are starting to receive the final compromise scheme details this week and have until January 11 to decide if they will back the deal.GAR policyholders are being asked to exchange their guarantee for a 17.5 per cent uplift in policy value and non-GAR holders are being offered a 2.5 per cent uplift […]

Former Deutsche manager Frost joins Artemis

Star income manager Adrian Frost is to join Artemis next week, to take over the management of its flagging UK income fund.Frost joins from Deutsche Asset Management, where he was head of UK equities until April this year, when he left to take a six month sabbatical. He then quit the firm for good in […]

Aberforth split-cap seizes small caps

Smaller company investment specialists Aberforth Partners has unveiled a split-capital investment trust that will invest in between 60 and 100 UK smaller companies.The Aberforth geared capital and income trust has both income shares and capital shares, with a planned lifetime of 10 years. The income shares have an initial target yield of 8 per cent […]

Millfield posts £2.2m loss

National IFA Millfield made a loss of £2.2 million between March and September because of a 217 per cent increase in administration expenses from the same period in 2000.In its interim results for the six months ended September 30 Millfield&#39s administration expenses to improve its infrastructure came to £4.5 million compared to £1.4 million in […]

William Littlewood “betting that QE won’t work”

Journalist Alexis Xydias interviews Artemis manager William Littlewood about his views on bond, equity and currency markets and the impact of a Greek exit from the EU. With bond yields at “ludicrous” levels, William believes a tipping point for bond markets is sure to come. As a result, his Strategic Assets Fund holds government bond shorts to the tune of 100 per […]


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