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Posts Tagged ‘FSA’

Banks join police to clamp down on share scammers

Monday, July 13th, 2009

Have you received cold calls about share information? Well then hang up is the advice from the police working on Operation Archway. Millions of pounds of investors’ money is lost every year to these share scams and now, according to BBC News Online banks have now begun to take actions like suspending transactions if they are being paid to known boiler room firms.

The Financial Services Authority has recently published a list containing the names of hundreds of companies which they believe pose a high degree of risk to customers.

In particular Barclays has blocked around 150 transactions so far since introducing a screening system in February, which they believe has saved their customers millions of pounds.

HSBC has followed suit, stating that if they receive requests for payments from any of the blacklisted companies transactions are delayed until the activities can be fully scrutinised.

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Tags: FSA, Scam, Security
Posted in Government, ID theft | No Comments »

Nationwide offers homeowners 125% of future property

Friday, July 10th, 2009

Stuck in negative equity? BBC Online has investigated a new mortgage proposed by the building society Nationwide which will give borrowers the chance to get money up to the value of 125% of the property they intend to buy with it. The mortgage would be only available to those existing customers in negative equity, where the value of the house a person owns is less than the amount they owe on their mortgage.

The Financial Services Authority has made suggestions at limiting borrowing to only 100% of the home. As it stands any new borrower would only be able to take out 85% of the value of the home, and existing customers would be able to take out 95% at various rates of interest.

However, despite the financial product first being offered in June it has not been actively marketed and none of Nationwide’s customers have taken it.

Loans above 100% have received a lot of criticism at the height of the housing boom, which effectively placed borrowers in imminent negative equity, in particular the notable culprits was the now nationalised Northern Rock. On one side Ray Boulger of John Charcol Mortgage Broking said the deal to be a ‘consumer friendly move’. However, Critics like Jonathan Davis argue that it is exposing itself to potential further losses.

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Tags: FSA, housing, mortgages
Posted in credit crunch, recession | No Comments »

FSA admits impotence as Building Societies are scrutinised

Thursday, June 25th, 2009

The blame game is in full swing again today as accusations once again being thrown about by top members of the Financial Services Authority (FSA), reports Times Online. High ranking officials have pointed their fingers at some of the biggest building societies in Britain, who are being accused of ignoring numerous warnings and threats put forward by the FSA to stem borrowing.

Nick Lock, the manager of the FSA’s retail firms division, spearheaded the criticism. Hugh May, quoting Lock at the Building Societies Association (BSA) annual conference in Harrogate, stated that ‘we have seen unsustainable margins on prime-lending, over-ambitious growth targets and a risk appetite that was too great’. May also points out that there were ‘fundamental mispricing and inadequate investment in risk management’.

A number of building societies have been hitting the wall over the last 12 months. Scarborough Building Society has been rescued by Skipton and in March Nationwide bought the best bits of Dumfermline which had incurred losses amounting to £26 million.
Building Societies had apparently ignored warnings from the FSA which had been repeated ‘over and over again’. But this only illustrates the argument that financial turmoil is not down simply to the building societies and financial institutions, but instead the lack of regulation.

Why did the FSA have no teeth to ratify their warnings, it is surely their job to prevent this situation occurring? It’s not hard to see why building societies and all financial institutions have exploited the deregulated system for all its worth, a little reading into rational choice theory and Mancur Olson’s collective action problem can even describe how it has actually been rational for financial institutions to act greedily in a situation where regulation is sparse (Olson and his counterparts in game theory and collective action problems stipulate that irrespective of whether you choose to benefit or not from greedily exploiting a market then your rivals will, which will be to your detriment, firms are myopic in particular as long term goals require irrational collective action).

It is strange therefore that the FSA readily decides to stand up and show how impotent and pathetic it has been in reigning in their greedy subjects, perhaps in admitting their weak behaviour they will be allotted more powers in the upcoming regulation proposals.

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Tags: building societies, FSA, mortgages
Posted in Government, payday loans, recession | No Comments »

King targets Banks ‘too big to fail’

Tuesday, June 23rd, 2009

An interesting opinion from Governor of the Bank of England, Mervyn King, is that the Banks ‘too big to fail’ should be prevented from getting that big in the first place. According to the Times Online King stresses this is not a personal ploy for power nor is it instigating a battle with the treasury but in the country’s and taxpayers’ best interests.

This comes at a time when the Chancellor Alistair Darling will be announcing proposals for regulation of the financial sector for the next ten years. The proposals will at large be based on the findings of Lord Turner’s Report on the Financial Services Authority.

King’s remarks not only question the general size of banks but whether the banks are mixing high-street retail banking with high risk investment banking, which had caused so much trouble in the last couple of years. The issue of size and relative failure is a contentious issue, many analysts have argued that the bigger banks were more likely to fail and fail in a more expensive way to the taxpayer. However, others highlight that even the relative smaller banks have an impact for instance Dunfermline, Northern Rock and Bradford & Bingley, were not large yet still needed to be saved. Even the biggest banks did not fail simply because of their size, for instance RBS’s disastrous acquisition of ABN Amro, leading to them needing rescue from the taxpayer.

The Swiss government is even considering measures to physically curb their big banks: UBS and Credit Suisse. However, one analyst argues this may lead to banks moving their headquarters abroad, the last thing the country wanting a revenue drain abroad.
At the basis of Darling’s future proposals for regulation is the idea of responsible lending. Something we here at 24/7 Moneybox take very seriously indeed. When you apply for our cash loans we want you to be sure you have thought ahead and can afford the repayment. Check out our lending guide if you need some assistance.

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Tags: Bank of England, FSA, recession
Posted in Government, recession | No Comments »

Lord Turner – A knight in shining armour?

Thursday, March 19th, 2009

Financial Services Authority boss Lord Turner released his 122 page review today but just how much will be implemented and will it stop a financial meltdown happening again?

The ideas are part of a radical package of proposals set out by the FSA supremo to prevent a repeat of the current credit crunch. Quoting Lord Turner from a Sun article: “We need to make the banking system a shock absorber in the economy — not a shock amplifier.”

Other proposals include: forcing the banks to hold more cash in reserve, the introduction of a European-wide regulatory regime, changing bonus structures and cutting out the jargon from complex investment products. The latter particularly irked the peer referring to them as “alphabet soup”.

He told Sun City: “If we had this regime in place ten years ago around the world we would not have the problems we are now seeing. This regime would prevent the credit crunch from happening again.”

All good news we think in the 24/7 Moneybox office however, as with all regulation it’s a very fine balancing act. Too much red tape will strangle our fragile economy and could actually make the recession last longer. Lord Turner’s proposals also highlight the needed for responsible lending something we take very seriously indeed. When you apply for our short term loans we want you to be sure you have thought ahead and can afford the repayment. Check out our lending guide if you need some assistance.

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