View more on these topics

Mortgage market review has cost FSA £2.7m so far

The FSA has spent more than £2.7m so far on the mortgage market review.

A freedom of information request, made by Money Marketing sister title Mortgage Strategy, reveals that since the regulator started working on the MMR two and a half years ago, it has spent £2.55m on staff costs and £213,000 on consultants and agencies. The figure excludes costs to the industry.

An FSA spokeswoman says: “In addition to a dedicated core team, the review has drawn on expertise from about 40 staff across the FSA. We have also engaged with a wide range of stakeholders to seek their views on our proposals.

“We have developed and published a number of policy papers, run industry events across the country and engaged in numerous discussions with trade bodies, firms, consumer groups and government departments.”

She adds that staff costs for the MMR have been met from existing budgets.

Speaking at the Mortgage Business Expo last week, FSA director of conduct policy Sheila Nicoll would not confirm whether the final MMR rules will be published by the end of the year.

Association of Mortgage Intermediaries director Robert Sinclair says the regulator must publish its final rules as soon as possible and the industry will be the judge of whether the regulator has used its resources effectively.

He says: “The industry is now screaming for the publication of the MMR as the continued uncertainty means customers are not able to get the mortgages they deserve. Any project that runs for a number of years and has a seven-figure budget in a commercial place will be subject to scrutiny and independent review. As the people funding the MMR, the industry has a right to challenge whether it has been money well spent.”


Invesco poaches Newton’s Laing for US fund

Simon Laing has been appointed as head of US equity fund management at Invesco Perpetual, filing the spot left vacant by Andrew Shard earlier this year. Laing, who joins from Newton Investment Management, will take over the £332m Invesco Perpetual US Equity fund as well as working within Inveso’s global equity team. Shard left the […]

Credit where credit’s due

One of the lessons of the credit crunch and the sub-prime mortgage market has been the importance of ensuring that borrowers fully understand the nature of the loan transaction. Lenders have learned, perhaps belatedly, that they need to carry out thorough checks, not only on potential borrowers but also on the property on which the […]

Wilmont switch to Europe

Axa Wealth global high-income manager Andrew Wilmont has been adding to European high yield and reducing US high yield in the £59.7m Axa global high-income fund. Speaking at the Cofunds investment forum in Hertfordshire last week, Wilmont said he has reduced the fund’s US high-yield exposure from 81.5 per cent at the end of August […]

NatWest launches two 90% LTV deals

NatWest Intermediary Solutions is launching two 90 per cent LTV products for house purchase tomorrow. It is introducing a two-year fix at 5.79 per cent and a five-year fix at 6.35 per cent, both with a £999 product fee. NatWest Intermediary Solutions head of sales Mark Bullard says: “With the challenge of raising a large […]

Finding value in UK equities

By Mark Martin, Investment Director & Head of UK Equities Register for a live update on 9 July at 14.30 with Mark Martin, who will be discussing Chancellor George Osborne’s ‘emergency’ summer budget, the UK equity landscape post May’s General Election and his outlook for the second half of 2015. Mark will also highlight the […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment