View more on these topics

McFall attacks “collective madness” of banks’ repossession policies

Treasury select committee chairman John McFall has attacked the “collective madness” of banks’ repossession policies.

The Labour MP for West Dunbartonshire says more banks should follow Royal Bank of Scotland’s lead and wait until a customer is six months in arrears before repossessing a property.

He says: “It is now widely accepted that the banks are acting in a way which might seem rational from the perspective of an individual bank, but is collective madness.

“This applies to the banks’ policy on repossessions. It is not rational for the market to be flooded with repossessed houses.

“The mortgage lenders cannot hope to get back the full value of the mortgage when they do this, given current market conditions.”

He adds: “These repossessions will only further depress the housing market, which ultimately hurts the lenders themselves.

“It helps neither the lenders, nor the borrowers, nor the wider economy. “


Tenet sets up indemnity firm

Tenet has set up a new professional indemnity insurance company for its 5,500 adviser firms.

Schroders CFO to step down

Schroders chief financial officer Stephen Brooks is leaving the firm in the first quarter of 2009 to pursue other interests.

Europe: Volatile share prices create opportunities for long-term investors

Mark Page and Laurent Millet, managers of the Artemis European Opportunities Fund, look at why, how and where fluctuations in European markets can generate opportunities for their fund. When asked what the stock market would do next, John Pierpont Morgan is reported to have replied that “it will fluctuate”. His (apocryphal) answer proved accurate. Over […]


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