FSA

The FSA has banned and fined a London mortgage broker for submitting false and misleading mortgage applications with massively inflated incomes.

The Financial Ombudsman (FOS) has agreed to defer by three months its decisions on complaints relating to Lehman Brothers-backed structured products.

The head of the FSA, Hector Sants, says politicians must take responsibility for setting pay caps if they deem them "morally" necessary, and that not only bankers should be subject to such restrictions, reports the Telegraph.

Draft units for qualifications designed specifically to meet proposals in the RDR have been agreed and are set for consultation.

The FSA said today it would take enforcement action against large banks, building societies and broker dealers who failed to adhere to its new remuneration code, to take effect from January 2010.

The FSA has defended its position regarding lenders that slap unfair charges on mortgage customers in arrears after criticism by MPs in the Treasury Committee.

Millions of investors in with-profits endowments, pensions and bonds who thought the market's rebound might enhance their returns had their hopes dashed last week, according to The Times.

Mortgage lenders have been using arrears charges as an alternative profit stream, to the detriment of struggling families, according to MPs.

A one-size-fits-all approach to adviser charging principles for group personal pensions must be avoided.

The FSA has banned a mortgage broker for submitting remortgage applications with false information.