May 21, 2019 Nicholas Murphy

Campaigners are calling on the government to launch a public inquiry into the sale of mortgages to non-regulated lenders. So-called ‘mortgage prisoners’ want ministers to expand the FCA’s remit to cover unregulated purchasers of mortgages. Mortgage prisoners are trapped into paying higher rates of interest to their borrower because they cannot meet affordability tests, brought…

May 21, 2019 Nicholas Murphy

City minister John Glen has claimed adopting a looser regulatory environment after Brexit will not deliver an “enormous economic dividend” and that the majority of Square Mile firms want instead a “reliable ecosystem” with clarity over the future relationship with the EU. Speaking at the Guildhall, underlining four key areas of activity for the financial…

May 21, 2019 Nicholas Murphy

Business advisory firm Duff & Phelps has warned that insolvency reforms giving HMRC preferred creditor status in business insolvencies from April 2020 could limit the appetite for lending among asset-backed lenders. The reforms put HMRC ahead of creditors that have a floating charge as security, which could include some peer-to-peer lenders; Duff & Phelps claims…

May 21, 2019 Nicholas Murphy

The FCA has warned of the rise of fraudulent online trading platforms, after the number of crypto and forex fraud claims jumped from 530 to 1,834 in the last financial year. Action Fraud said victims of such scams lost £27m in 2018-19. The FCA said that celebrity endorsements and images of luxury items such as…

May 20, 2019 Nicholas Murphy

Sir Hector Sants, chairman of the Money and Pensions Service (Maps), has warned banks and other credit providers that they face an increase of up to £100m in the levy they pay to fund advice services for people who get into debt difficulties. Sir Hector says every person who wanted it should have access to…

May 20, 2019 Nicholas Murphy

Helen Cahill in the Mail on Sunday says big firms have “made a mockery” of a Government policy designed to put workers on company boards, with analysis showing that none of the 100 biggest listed companies had done so since reforms came into force on January 1 – although some FTSE 250 firms have. Ms…

May 20, 2019 Nicholas Murphy

The Times’ David Byers looks at phoenixing – which sees financial advisers accused of bad practice avoid recriminations by declaring bankruptcy then setting up new companies. He notes that when a Financial Conduct Authority (FCA) authorised firm is declared insolvent, debts are paid by the Financial Services Compensation Scheme (FSCS) while the adviser behind the…

May 17, 2019 Nicholas Murphy

The Government has announced that a new register is to be set up to make it easier to find out who owns empty buildings, as part of efforts to revitalise Britain’s high streets. The announcement follows research by Estates Gazette for the BBC, which found nine different categories of ownership, ranging from small private companies…

May 17, 2019 Nicholas Murphy

The CMA is to investigate sales of leasehold homes as concerns grow that thousands of buyers have been locked into “toxic leases” that involve paying doubling ground rents or extortionate fees for minor changes to their property. The watchdog said it would probe claims that thousands of families were mis-sold their properties, which could lead…