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SFO probes UK securitisation deals

The Serious Fraud Office is investigating potentially fraudulent sales of mortgage-backed securities in the UK in the run up to the financial crisis.

The scoping exercise aims to examine the risks of cases coming to light over the next 12 to 18 months, and what resources such cases might require.

The probe comes after it emerged US regulator Federal Housing Finance Agency is filing lawsuits against 17 banks, including Royal Bank of Scotland, HSBC and Barclays, for their role in the sale of toxic mortgage bonds to Fannie Mae and Freddie Mac between 2005 and 2007.

A spokeswoman for the SFO says: “The scoping exercise is a development of earlier work over the last two to three years looking at City-based fraud risks. One aspect of this is looking at asset-backed securities.

“The SFO is looking to understand the risks of significant cases of fraud coming to light in this arena in the next 12-18 months; how these cases might need to be handled and whether new tools might be required or be more appropriate to help tackle those risks.”



Kim North: Room for all kinds of advice

As we await the FSA papers containing the information required to scope the full range of distribution choices, specifically simplified advice, many distributors of financial products, including the aggregators, banks and IFAs, are yet to decide what distribution and advice options they will offer after 2012. Banks and insurers eagerly await the simplified advice option […]

Structured products platform launches in the UK

The UK’s first structured product investment platform, Structured Products Go, has gone live today. The platform has been launched by former Barclays Capital structured product specialist Phil Taylor and Ben Murison, who was previously Royal Bank ofScotland vice president of structured products for the UK. The platform has been developed in-house with RBS, Morgan Stanley, […]

Fidelity Shah’s investment trust to be relegated from FTSE 250

Sanjeev Shah’s Fidelity Special Values investment trust is to be relegated from the FTSE 250 in the latest review of the FTSE indices. The £267.3 million investment trust – formerly managed by veteran fund manager Anthony Bolton – will instead be included in the FTSE SmallCap index. The investment trust was launched in 1994 and […]

Abbey cuts rates by up to 1%

Abbey for Intermediaries has launched a new range of three, four and five-year fixed mortgage products and reduced rates by up to 1 per cent across its range. The new products include: A three-year fix at 75 per cent LTV for homebuyers and remortgagers at 3.85 per cent and no fee A four-year fix at […]

Tax year-end planning for annual allowance

Last tax year-end there was a lot to think about in relation to planning. The introduction of the tapered annual allowance and the implications of moving to a fixed pension input period, the reduction in the lifetime allowance and potentially applying for protection, and the concern about changes to tax relief, to name a few. […]


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