In a move that may particularly affect first time buyer mortgages, the Financial Services Authority (FSA) is proposing stricter affordability tests to vet the customer’s ability to repay, and absolute, documented proof of earnings and income Read More
Posts Tagged ‘FSA’
FSA proposals impose limits on first time buyer mortgages
Wednesday, July 14th, 2010Take independent financial advice on mortgage – FSA
Tuesday, June 29th, 2010The Financial Services Authority is urging homebuyers to take qualified, independent financial advice when choosing a mortgage. Good independent financial advice will ensure that mortgage holders get a deal that is affordable, sustainable, and exactly right for them.
Plan for generous Inheritance Tax allowances cancelled
Friday, May 28th, 2010
Plans for a £1m Inheritance Tax threshold are cancelled, leaving Inheritance Tax allowances at previous levels. This leaves consumers exposed to a potential Inheritance Tax liability of 40% on portions of their wealth.
FSA tightens up on Building Society mortgage deals
Tuesday, March 30th, 2010The Financial Services Authority has warned building societies to further restrain mortgage lending and limit the size of mortgage deals. The move is intended to prevent borrowers from saddling themselves with debt which, while affordable today, could become unsustainable if interest rates were to rise.
Government to create new financial planning education body
Wednesday, December 16th, 2009The government is to emphasise the need for financial education with the creation of a new body with a specific brief to educate consumers about financial planning.
The creation of the Consumer Financial Education Body (CFEB) was announced in the Financial Services Bill now before parliament and will be staffed by 160 staff drawn mainly from the Financial Capability Division of the Financial Services Authority (FSA).
Taxman looks forward to Inheritance Tax on £2.15 trillion
Wednesday, December 9th, 2009New figures from Aviva reveal why Inheritance Tax (IHT) is one of the most important sources of revenues for the UK taxman. There are currently £2.5 trillion in assets earmarked by parents as inheritances for their children and relatives, the insurer announced this week. This staggering sum is held by two-thirds of over-55s covered by [...]
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