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  1. Hi Folks! In December 2011, GE took us to court as we fell behind with our secured loan with them. The judge ruled in our favour and suspended the order and we all agreed on a given repayment plan of £156 per month. I stuck at that for 9 months, with every month calling GE and paying the amount over the phone, October 2012 when starting a new contract job in London that involved long commuting and even working some Saturdays. I work in IT btw. I know it is not an excuse but the commute overwhelmed me in every sense, and I started to get ill too. I forgot
  2. My first post and I going to let it all out. Please read. Not sure if there is a lesson to be learnt but I need guidance. In 2004 I took a mortgage with Northern Rock via an independent broker who I was working for as an employee. 3 months later I got into a dispute with my employer (I asked for payslips) who then decided that 100% of my previous years income was in fact all loans and that I was never employed. No one got pay slips and his family were all accountants. My employer stopped paying me and remarked my mortgage was fraudulent and that I would go to prison. Apparently I pu
  3. Just wondering with the FSA being closed down and restarted as the FCA. How will this affect the way we use BCOBS when dealing with the banks?
  4. My situation: Defaulted on considerable debts last year built up to pay for disabled child's care after restructuring at work and an unexpected tax bill. Tax bill being paid in installments until end of next year, takes up all disposable income leaving I got quite depressed and couldn't handle it, but started trying last year and started making token payments to a number of people (once the tax bill is paid it will take ~4.5 years to pay off sizeable creditors). I also told everyone to please not apply for CCJs as a) I have no assets and b) I am an FSA registered person an
  5. The FSA has finalised new rules to regulate Libor and other financial benchmarks in the wake of last year’s rate rigging scandal. Libor will be regulated from 1 April when the Financial Conduct Authority comes into force. Under the final rules, published today, the Libor administrator will need to corroborate submissions and monitor suspicious activity. Firms submitting Libor data must outline a clear conflict of interest policy with appropriate systems and controls.The FSA believes this will result in clear, robust rules which will give firms and their employees comfort that the regulato
  6. Few will mourn the passing of the Financial Services Authority (FSA) which closed it's doors on 31st March. It will be mainly remembered as the watchdog that didn't bark. It was seen as reluctant to take action against individuals involved in breaking the rules, be they big or small. It was critcised as too slow, too reactive, too dedicated to its rule book. http://www.guardian.co.uk/business/2013/mar/24/farewell-fsa-bleak-legacy-light-touch-regulator The Financial Conduct Authority replaces the FSA and new authority has promised "a renewed focus on consumers" as well
  7. How do I access the FSA handbook online? I am particularly interested in the sections relating to self-employment which I believe are pages 138-149. This is in relation to my PPI complaint which has been rejected by FOS. OK found the sticky with instructions suvin
  8. The Financial Services Authority has fined Prudential up to £30m and censured its chief executive Tidjane Thiam. The penalty, first revealed in The Daily Telegraph, relates to the insurer’s failure to have followed the correct protocol in notifying the City regulator ahead of its abortive $35.5bn (£23.4bn) bid for Asian rival AIA in 2010. The FSA said in a statement: "Prudential failed to deal with the FSA in an open and cooperative manner when it was seeking to acquire AIA in early 2010, because it did not inform the FSA of the proposed acquisition until after it had been leaked to the
  9. The FSA and the Bank of England have outlined a series of regulatory changes designed to make it easier for new banks to set up in the UK. The changes have been the result of a review into the banking sector looking at the barriers new entrants face. Liberal Democrat peer Baroness Kramer, who is a former vice-president of Citibank in Chicago and an ex-MP, said today’s changes are a “game changer”. She says: “For 100 years the regulator has rejected almost every new bank, leaving us with a banking system dominated by just four institutions, many of whom have abused that power by failing to
  10. My partner took out a secured loan with PPI seven years ago. He has always been self employed and the PPI does not cover self employed people. The loan is with GE Money but apparently was sold by Capital One Home Owner Loans Ltd. GE have advised that Capital One Home Owner Loans Ltd are no longer trading and we need to contact the administrators?! My partner has to continue paying the PPI plus interest as it was added to his loan as an upfront fee. I know I am able to forward a claim for mis sold PPI through FSCS but they have advised they require Capital One Home Owner Loans Ltd address and
  11. Chancellor George Osborne has confirmed money raised through FSA fines will be donated to the armed forces. Speaking in his Budget announcement today, Osborne said money from regulatory fines including Libor will be used to fund combat stress help initiatives and Christmas boxes given to armed troops serving abroad for the next two years. Osborne said: “Those in the financial sector who have demonstrated the very worst of values are paying to support those in the armed forces who are demonstrating the very best of values.” In October, prime minister David Cameron said the Government will
  12. The FSA has set out how the Financial Conduct Authority will decide whether it is fair to publish an early warning notice about a firm or individual who is subject to an ongoing enforcement investigation. The FSA has today published a consultation paper on the FCA’s policy for publishing warning notices. The publication stage of possible regulatory action was brought forward in 2010 from when an enforcement case was concluded to the decision notice stage, after the firm or individual has had an opportunity to respond to the warning notice. Under the new regulatory structure, the FCA will
  13. FSA/PN/021/2013 06 Mar 2013 The Financial Services Authority (FSA) has published its consultation on how it plans to introduce a strong and flexible regime to regulate consumer credit. The regime is tailored to address the risks that face consumers without putting undue burdens on firms. The Government announced earlier today that it would transfer responsibility for regulating consumer credit from the Office for Fair Trading (OFT) to the Financial Conduct Authority (FCA) by 1 April 2014. The Government has also published a consultation on the legislative changes needed to transfer
  14. Consumer credit firms must apply for interim permission to trade from their new regulator from the fourth quarter of this year, the Financial Services Authority (FSA) has warned. Regulation of consumer credit transfers from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA), which replaces the FSA in April 2014, if the current timetable is followed. But the FSA’s head of consumer credit, Will Amos, said firms must start applying for interim permission to trade as early as the fourth quarter of 2013. New regulatory fees are not yet confirmed but Amos said sole traders wou
  15. Quick Question: Does it state anywhere in the new FSA Guidelines that in order to consider a Full and final Settlement figure, that a DCA needs to see a completed Income and Expenditure Form, in order that they can assess whether we can afford the sum proposed. Cheers in Advance
  16. Metro Bank founder and former chairman Anthony Thomson has called for the FSA to go further in its plans to remove barriers to new entrants in the banking sector. Speaking at a Westminster Business policy forum on retail banking today, Thomson said the FSA must do more to reform its capital rules for new banks. The FSA is publishing a paper on removing barriers to entry in the coming weeks. Last week, FSA chairman Lord Turner said it will include plans to cut capital requirements for new entrants in half. Currently new banks are forced to hold 9 per cent capital against their predicted as
  17. Read more http://www.fsa.gov.uk/library/communication/pr/2012/111.shtml
  18. Two satellite insurance companies shut down by the Financial Services Authority (FSA) for trading as unauthorised businesses lost their appeal at the Supreme Court today. The companies made millions of pounds selling Sky TV customers insurance cover for satellite television equipment without being authorised by the Financial Services Authority. In return for an insurance premium of between £6.49 and £11.49 per month, the firms promised customers unlimited callouts covering all parts and labour costs. Digital Satellite Warranty Cover Limited (DSWC) made approximately £10m in profit in 2010 a
  19. Just found this whilst browsing the web Mortgages - Legal Mortgage Deed Related information Challenging unfair terms in financial contracts Reporting unfair contract terms Changes made to contract terms See how to protect your finances Related links Consumer Direct Complaints about personal loans, hire purchase, credit cards and other credit products Financial Ombudsman Service The independent service for resolving disputes between consumers and financial firms London Scottish Mortgages We reviewed two terms in this contract. Term
  20. Conservative MP Mark Garnier has blasted the FSA for “massive failings” in dealing with senior executives at banks involved in misselling scandals. Garnier, who is a member of the Parliamentary Commission on Banking Standards, is part of a panel looking into misselling and is arguing for tougher sanctions for senior staff. He says: “The question I want to dig into is whether the senior people at an organisation can put up what amounts to a responsibility firewall around themselves. If you hire the three monkeys to hear no evil, see no evil, speak no evil, then it is fine. “It is a m
  21. The banking industry and the Financial Services Authority (FSA) are in talks to set a deadline for customers being able to make claims for the mis-selling of payment protection insurance (PPI). http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9805068/Banks-and-FSA-to-put-deadline-on-PPI-claims.html
  22. What the hell is going on. . . . ? Hector Sants, the former Financial Services Authority chief executive criticised over regulatory failures during the financial crisis, has been knighted in the New Year Honours list. More: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9770062/Honours-list-Former-FSA-chief-Hector-Sants-knighted-despite-regulatory-failures.html
  23. After Swiss bank UBS agree to pay £940m in fines to settle charges of manipulating Libor, Damian Reece, The Telegraph's Head of Business, says the scale of undetected wrongdoing is "shocking". Swiss banking giant UBS has agreed to pay £940m to regulators in order to settle charges of manipulating Libor interest rates, fraud and paying bribes to brokers. UBS' 1.4bn Swiss franc (£940m) fine includes a £160m payment to the Financial Services Authority, the largest penalty ever levied by the British watchdog, and $1.2bn paid to US authorities. The penalty is the second-largest fine paid
  24. Damian Reece, The Telegraph's Head of Business, says the scale of fines awarded to banks will have an impact on their ability to lend money to consumers. UBS has swallowed a £940m fine after a global probe revealed its staff orchestrated the manipulation of benchmark interest rates. The extent of the wrongdoing was highlighted in a series of emails released by the Financial Services Authority (FSA), which showed how traders and brokers conspired to rig the rate and referred to each other in congratulatory terms. In this video, Telegraph Head of Business Damian Reece explains the impact th
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