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Illegal home loan sellers under fire

In an attempt to protect consumers the Financial Services Authority (FSA) has announced a crackdown on unauthorized mortgage brokers. On October 31st last year the FSA took control of regulating mortgages in the UK. Under the new regime mortgage brokers have to provide a “key facts illustration” when selling mortgages, lenders have to offer consumers a suitable mortgage product, and borrowers gain access to new compensation and dispute settlement services.

However, some mortgage brokers are still operating outside the FSA’s auspices and the authority is determined to bring these firms under its control.Tracking down firms operating outside our regime is a major priority for the FSA. This is vital to protecting consumers since they do not have access to statutory redress and compensation if they deal with unauthorised firms,” said Clive Briault, FSA managing director.The organisation is using every means at its disposal to find these firms, combining tips from the public and the industry as well as using the FSA’s database of firms that registered or applied for authorisation, but then withdrew.Transgressing firms face the possibility of criminal proceedings, although the FSA has said that where failure to register is based on a mistake or confusion it will react less harshly.

Posted in Uncategorized, home equity loan, home loan, loan, home loan lending, home equity loan rate, home improvement loan, home loan lender, home owner loan, home equity loan minnesota, home equity loan comparison, home equity loan bankruptcy, home purchase loan, home finance, loan finance, home loan finance uk, home loan mortgage refinance, home lender mortgage | Comments(0) December 2007



Loans and overdrafts up in January, says BBA

New figures from the British Bankers’ Association (BBA) have found that the increase in loans and overdrafts in January was well above the monthly average.The statistics suggest that consumers borrowed about £700 million last month Credit card lending, at £400 million, was also stronger than in December and higher than the average for the last six months.”Stronger consumer credit in January reflected an increased demand for personal loans and overdrafts after December’s weak figure in line with the pattern for retail sales in the two months,” said David Dooks, director of statistics at the BBA.The BBA statistics follow information released by Datamonitor earlier this week figures showing that the average British adult now has £4004 outstanding on loans, credit cards, and overdrafts.

Posted in Uncategorized, home loan, loan, loan calculator, home loan lending, home improvement loan, loan rate, bank loan | Comments(0) August 2007