Articles by Kay McLellan
Slow PPI redress an "open goal" for claims firms, warns Which?
Which? has urged banks to streamline their payment protection insurance (PPI) claim process or risk exposing customers to claims management companies, after just a quarter of the promised amount of redress was paid out in 2011.
Bogus solicitor jailed for £8m mortgage fraud
A "sophisticated" fraudster who headed up a criminal gang has been jailed for seven years for defrauding high street banks out of almost £8m through multiple fraudulent mortgage applications.
Tesco Bank to launch mortgages by April
Tesco Bank's chief executive, Benny Higgins, has suggested that its long-anticipated launch into the mortgage market will happen by as early as April this year.
Magistrate escapes jail for £360k mortgage fraud
A former magistrate found guilty of a £360,000 mortgage fraud has been spared a jail sentence after a judge ruled her behaviour "wholly uncharacteristic".
MMR to cost industry up to £170m a year
The ongoing compliance costs of the Mortgage Market Review (MMR) proposals will cost the industry anything between £47m and £170m a year, with one-off implementation costs between £40m and £60m, according to the FSA.
FSA to ban non-advised mortgage sales
The FSA today proposes to ban non-advised mortgage sales, although all but the 'vulnerable' or those accessing higher-risk products will be able to opt-out of advice or reject it and proceed on an execution-only basis.
Average broker pay leaps 17% in 2011 - official figures
Official government figures have revealed that the average annual salary earned by financial and insurance brokers this year has increased 17.3% on 2010 to £54,924.
Autumn Statement: Govt scraps 'ineffective' FTB Stamp Duty holiday
Chancellor George Osborne has not extended the Stamp Duty holiday for first-time buyers, with the Autumn Statement revealing the government believes it has proved "ineffective".
House prices remain 'surprisingly resilient' - Nationwide
Nationwide figures have today revealed average UK house prices rose by 0.4% in November and 1.6% on a year ago, adding to the mixed picture across the major house price indices.
FSA too easy on banks, say consumers
Three-quarters of consumers believe the FSA failed to stand up to the banks in the run-up to the financial crisis and has not done enough to help consumers, according to Which?.
FSA too easy on banks, say consumers
Most consumers believe the FSA failed to stand up to the banks in the run-up to the financial crisis and has not done enough to help consumers, according to a poll by Which?.
House prices fall 2.6% year-on-year
Average house prices in September dropped 2.6% year-on-year, with the average house price in England and Wales now £162,109, according to the Land Registry.
Abbey to distribute all retail products through brokers; confirms BTL launch
Abbey for Intermediaries has revealed plans to distribute all of its core retail financial products through brokers and confirmed its much-speculated entry into the buy-to-let sector.
UK unemployment hits 17-year high
Unemployment in the UK increased by 114,000 for the three months to August to 2.57m people - the highest number since 1994, according to the Office for National Statistics (ONS).
CML: Remortgages soar 33% year-on-year
The number and value of remortgages taken out in August increased by more than 30% on the same period of last year, as the market showed "welcome signs of life", according to the CML.
90% LTV two-year rates at lowest since 2008
The average interest rate for a 90% LTV two-year fixed rate deal has dropped to its lowest level since January 2008, at 5.39%, according to Moneyfacts.
FSA clamps down on sale and rent back
The FSA is to extend the regulation of sale and rent back (SRB) agreements to all providers, in an effort to clamp down on the "considerable" number of unregulated transactions still taking place.
Mortgage fraudsters targeted by joint lender-govt scheme
A government-backed scheme to tackle mortgage application fraud will officially launch on 1 September, enabling lenders to check details of borrowers they suspect of fraud through HM Revenue & Customs.
FSA cancels broker's permissions over RMAR failing
The FSA has cancelled the permissions of Cheshire-based mortgage broker Total Independent Mortgages for failing to submit its Retail Mediation Activities Return (RMAR) for 2010.
BBA: Mortgage approvals grow 4%
The number of mortgage approvals increased around 4% on a monthly and yearly basis in July to 74,590, as gross mortgage lending remained flat for a third consecutive month at £7.6bn, the British Bankers' Association (BBA)reports.
First-time buyers warned: "Don't expect to own before 35"
The average age when potential first-time buyers expect to get on the property ladder is 35-years-old.
Claims firms fail to win mortgage mis-selling compensation
Only one in ten mortgage mis-selling cases brought by claims management firms are upheld by the Financial Ombudsman Service (FOS).
House prices continue to flat line in July
House prices rose just 0.2% in July, as the combination of low demand and slowly increasing housing supply continued to kept values flat, according to Nationwide.
FSA delays MMR proposals until autumn
The FSA has confirmed it will delay publishing its next Mortgage Market Review (MMR) consultation paper until early autumn, as it seeks to strike the right level of regulation for consumer protection.
House price rises to ebb away in second half
The 8.1% increase in house prices in the first half of 2011 will largely reverse in the next six months, as oversupply of property runs up against lack of funding, according to Rightmove.
Convicted £50m mortgage fraudster to appeal
Former chartered surveyor Ian McGarry, jailed yesterday for seven years for his part in a £50m mortgage fraud, is to appeal the sentence, which his solicitor branded as "manifestly excessive".
Call for FSA to probe lenders over survey advice
The FSA has been urged by the Council of the Residential Property Surveyors Association (RPSA) to investigate lenders for failing to advise borrowers they must obtain their own housing survey.
Two jailed for £50m mortgage fraud
A chartered surveyor and property investor have been jailed for a total of 20 years after admitting their role in a £50m commercial mortgage fraud.
Millionaire boxing boss accused of £1.5m mortgage fraud
Scottish millionaire boxing promoter Barry Hughes has appeared in court accused with his wife of committing a £1.5m mortgage fraud.
Halifax: House prices drop 4.2% year-on-year
Annual house prices fell 4.2% in May, as almost static monthly growth saw prices rise just 0.1%, according to Halifax.
House prices fall 1.4%: Halifax
House prices across the UK fell 1.4% in April as the "modest decline" continues, according to Halifax.
LSL offers directors £1.64m incentive
LSL Property Services has awarded nine of its senior directors shares potentially worth more than £1.6m if they meet ambitious growth targets in the next three years.
Northern Rock slashes 680 jobs
Nationalised lender Northern Rock plc has revealed it is to cut up to 680 jobs by the end of 2011 in an attempt to rein in its costs in "very challenging" trading conditions.
AMI: Budget is missed opportunity for mortgage market
AMI has declared George Osborne's Budget 2011 a "missed opportunity" to encourage greater mortgage lending and address the Stamp Duty system.
Budget 2011: Stamp Duty for investors to be reformed
Stamp duty land tax rules for bulk buyers of residential property are to be reformed, George Osborne has revealed in the Budget 2011.
House purchase lending plummets 26%: CML
House purchase lending fell 26% in January to £4.2bn, as an "unusual combination of factors" drove buyers from the market, according to the CML.
Mortgage fraud rises 18%
The number of fraudulent mortgage cases rose 18% in 2010 to 3,542 compared to 3,004 in 2009, driven by a leap in application fraud.
Halifax: Annual house prices fall 2.8%
House prices in the three months to February fell 2.8% compared to the same period last year, which is the largest annual decline since October 2009, Halifax reports.
Sants: MMR framework due autumn 2011
FSA chief executive Hector Sants has revealed that the regulator will publish its proposed framework for the Mortgage Market Review (MMR) in autumn 2011, with no rule changes due before 2012.
Apprentice star joins Omni Capital
Short-term lender Omni Capital has appointed BBC Apprentice contestant Liz Locke as business development director.
Nationwide: Housing market treading water
Nationwide said the housing market was "treading water", as figures show house prices increased by only 0.3% in February following a 0.1% drop the previous month.
Mystery shop uncovers 'shoddy' SRB advice
Which? Money has reported two sale and rent back (SRB) firms to the FSA after uncovering "woefully inadequate" advice.
Lloyds' mortgage error could cost £500m
Lloyds Banking Group has set aside £500m to voluntarily redress an estimated 300,000 Halifax customers potentially confused by its SVR cap.
Adviser guilty of role in £1.8m mortgage fraud
A Bradford financial adviser has pleaded guilty to taking part in a "calculated and sophisticated" £1.8m mortgage fraud.
Gross mortgage lending drops 13% in January: CML
Gross mortgage lending fell 13% to an estimated £9.2bn in January from £10.6bn in December, as the market shows little signs of rebounding, according to the CML.
Estate agent jailed for £69,000 fraud
A debt-stricken Coventry estate agent has been jailed for 12 months after stealing more than £69,000 from his clients.
Hoban defends MMR in Commons debate
Financial secretary Mark Hoban was forced on the defensive after MPs warned the Mortgage Market Review could have a "disastrous" effect on the economy if wrongly implemented.
Snow causes house sales to hit eight-year low
House sales in December 2010 fell to their lowest level for almost eight years, as the traditional seasonal low was exacerbated by the treacherous weather conditions across the UK.