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Tiner warns lenders they should not be complacent over self-cert

Speaking at the Building Societies Association&#39s annual conference in Manchester today, FSA chief executive John Tiner told delegates that there is no room for complacency over self-certification mortgages.

Tiner said that although the FSA&#39s investigation into self-cert concluded that lenders&#39 systems and controls over such lending were broadly adequate to counter the risk of financial crime, he nonetheless expects all regulated firms to have in place systems to detect and report attempted frauds to the relevant criminal authorities.

He said: “That implies a need for you to look critically at the information provided by borrowers to check that it is plausible and internally consistent, rather than just accepting it at face value.”


Reality bites into EU&#39s PI policy

Perhaps some sanity may prevail over European Union policy on PI insurance when it runs into that reliable frustrator of many a political initiative – reality. The EU is requiring intermediaries to have h1.5m of cover from next year. This is bad news for the UK&#39s IFAs which could see their burden increase even further. […]

Skandia surprised by negative views on enhanced bond

I read the commentary from Hargreaves Lansdown on Skandia&#39s new enhanced allocation bond (Money Marketing, April 29) with some surprise. At Skandia, we are constantly striving to provide innovative solutions to meet differing client needs. This pioneering approach has brought many new ideas and products to the market which have generally been well received by […]

FSA may re-open endowments claims

Reynolds Porter Chamberlain has warned the FSA could attempt to re-open mortgage endowment misselling claims which are currently time barred on the back of the Treasury Select Committee&#39s report into the matter. The law firm predicts an increase in the volume of misselling claims would be “almost inevitable” as a result.

SIM &#39exceeds forecasts&#39 as it sees in first year

Skandia Investment Management celebrated its first birthday last month, saying it has £1.25bn under management and that more than 2,500 IFA firms have placed business with the firm. SIM, launched by Skandia last year, says it is the secondbiggest seller of multi-manager funds and is in the top 10 for total net sales across the […]


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