Treasury

The Financial Conduct Authority (FCA) plans to introduce a "robust underwriting assessment" to be performed by lenders before issuing interest-only mortgages, letters published today have revealed.

APPROVED PERSONS

A ‘mansion tax' on all homes worth more than £2m would cost the owners as much as £36,000 a year on average, according to Whitehall analysis.

Equity Release Council chairman Nigel Waterson has urged government to address a ‘knowledge and policy' vacuum and take control of equity release.

Bringing forward the end of pension scheme contracting-out by 12 months was not motivated by the expected £5.5bn bump to government coffers, economic secretary to the Treasury Sajid Javid has said.

Severe delays and errors have hit the payment scheme set up by government to compensate victims of Equitable Life, a report from the National Audit Office (NAO) has found.

Credit rating agency Standard & Poor's (S&P) has warned of the continuing negative outlook for the UK economy, but reaffirmed its triple A rating for the country.

A suite of simple products designed to help consumers navigate the financial services market is to include a whole-of-life insurance plan.

HM Revenue & Customs (HMRC) has announced that Britons concealing money in the Isle of Man have three years to own up and get their affairs in order.

S&P said it could lower the UK's rating "if fiscal performance weakens beyond our current expectations".