The latest villain of the mortgage industry – at least as far as the national media would have us believe – is Abbey. Not for overcharging customers, imposing swingeing fees or randomly repossessing property but for introducing previously unheard of income multiples to help people buy a home.
Borrowers are being offered replacement pay slips and P60 statements which could be used to inflate income for mortgage applications.Brokers are calling for an investigation amid concerns that this practice is undermining the the regulator’s attempts to ensure proper assessments on mortgage affordability.An advertisement from a company called A2ZServices says: “Can’t get a mortgage loan? […]
Indian equities have officially re-entered a bull market, with the benchmark index climbing to a 11-month high. Better-than-expected data on US jobs and a brightened outlook for global growth have contributed to the market’s strong returns, but domestic drivers have also played a big part in the recent rally. Kunal Desai, Manager of the Neptune […]
The Organisation for Economic Co-operation and Development claims behavioural biases and low levels of financial knowledge are undermining people’s ability to make appropriate decisions for their retirement. The OECD’s Pensions Outlook 2018 says automatic features, default options and simple information and choice could combat the lack of financial literacy. The OECD’s view is that automatic enrolment […]
Aviva should pay £500 compensation for the way it handled an investment query that caused stress to a daughter who took power of attorney for her mother. In the Financial Ombudsman Service ruling, Miss S has power of attorney for her mother and complains Aviva delayed providing information about a bond. She goes onto argue […]
Advice is becoming a more risky business, meaning firms must rethink their approach to the issues they face Given the Financial Ombudsman Service’s compensation limit is set to rise to £350,000, it is time for advice firms to rethink their approach to the risks they now face. The FCA’s plan is for the new limit […]