Industry

IFAs could see a rising compensation culture if more consumers believe they can only expect justice from financial firms with a lawyer by their side, warns the Financial Ombudsman Service.

IFAs must address their shortcomings on Treating Customers Fairly (TCF) promptly and inform the Financial Services Authority (FSA) of their progress, according to Clive Briault, FSA managing director of retail markets.

The Oakwood Group, a private equity firm focused on the specialist lending sector has announced the hiring of five senior executives from HBOS including the current head of specialist lending, Michael Bolton.

Mortgage lenders who substantially increase exit fees between agreeing the contract term and the consumer exiting the mortgage are acting unfairly, according to the Financial Services Authority (FSA).

Gross mortgage lending rose by 9% in August to an estimated £27.5bn up from £25.2bn in July according to the latest figures from the Council of Mortgage Lenders (CML).

Home of Choice has chosen Trigold as the exclusive system for its network members.

Friends Provident and sourcing system Trigold have launched an online service for mortgage intermediaries allowing them to link a mortgage application with suitable mortgage protection cover.

Mortgage brokers are failing to comply with regulations concerning the provision of initial disclosure documents, according to a recent mystery shopping exercise.

Two-thirds of mortgage lenders will continue to invest in IT systems over the next two to three years despite heavy investment during 2004 to meet the requirements of the Financial Services Authority, research reveals.

Trigold has added an e-conveyancing platform to its Prospector AAA sourcing system.