Industry

The FSA has banned a Durham-based director of a mortgage broker firm from senior positions in the financial services industry for at least two years.

Alexander Hall has said it will be unaffected following a refinancing deal agreed by Foxtons' owner BC Partners which hands a majority stake of the estate agent to its lenders.

Millions of UK borrowers will be hit by rising mortgage rates costing up to £1,400 extra a year despite the Bank of England's (BoE) base rate freeze.

Lending activity is likely to remain relatively depressed in 2010 until funding and supply conditions improve, according to the Building Societies Association (BSA).

Six people have been charged with fraud relating to mortgage advances totalling nearly £50m, the Serious Fraud Office (SFO) has revealed.

The FSA has banned Nighat Mirza, a partner at a Manchester-based mortgage brokerage, for lacking competence and for failing to manage the firm's affairs properly.

Legal & General has rolled out its online new business system to its mortgage network, Legal & General Partnerships Services Limited (LGPSL).

The Financial Services Compensation Scheme (FSCS) has declared three mortgage and general insurance intermediaries in default, meaning affected customers can now start compensation claims.

The FSA has banned a Leicestershire-based broker for using high pressure sales techniques and selling subprime mortgages to customers with bad credit.

The Government wants the Post Office to offer a wider range of financial services products and become a more significant player in the mortgage market.