ABBEY has lost a share of the mortgage market in the last three months as its takeover by Spanish Banco Santander is thought to have affected its performance, says this morning's Daily Telegraph .
Figures released yesterday by Abbey reveal their market share of the mortgage sector fell in the third quarter to 4.4% from 6% and its lending dropped from £1.1bn to £400m, partly because of a weaker mortgage market in general.
That said, gross lending has increased slightly as a little more remortgaging business came through financial advisers.
Figures compiled by the Office for National Statistics are likely to continue to be wrong for many more years, the ONS’ director has confessed, says the Times.
Len Cook, the director of the ONS told the Treasury Select Committee he was struggling to modernise a service that was “not effective enough” so the problem of mistakes in figures is likely to worsen.
While under Cook’s leadership, the ONS has had to correct a £104bn overestimate of pension funds assets and scale back its estimate of annual pensions contributions in the UK from £86bn to £43bn.
AND THE Financial Services Authority may be slightly more concerned about market-rigging allegations in the insurance market than initially thought as the regulator has helped to set the terms of Marsh & McLennan’s £450,000 investigation into corruption at its UK business, according to the Times.
Even though the FSA does not officially regulate the insurance market until January, the City watchdog has been involved is setting up the investigation with Marsh, after allegations last week suggested a few employees at its American offices were steering business towards firms which pay the most commission.
Bruce Carnegie-Brown, chief executive of Marsh in the UK, brought in Freshfields, the London law firm, to establish whether similar abuses had taken place in Britain.IFAonline
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