Callum McCarthy, chairman of the FSA, has revealed that making the regulator more efficient remains his main task and is keen to enlist industry help on the matter.
In a speech given at Mansion House this week, McCarthy said there are many challenges that the financial services industry and the FSA face and that the regulator would reduce regulation where its existence is not matched by its benefits.
MoneyExperts.com launches banking product service
MoneyExperts.com has launched a service that enables customers to compare financial products on price, service and key features after indications that up to 4.5 million people are unhappy with their current banking products.
Following research that highlighted consumer concern over hidden charges and service levels, MoneyExperts.com has also compiled a list of firms that provide the best customer service.
Exchange and eConveyancer partner up
The Exchange has partnered with eConveyancer to provide a conveyancing referral service for brokers. The service provides access to conveyancing illustrations of eConveyancers’ solicitor network. It says this enables intermediaries to complete business quickly, with the solicitor ratings and testimonials taken from client and broker feedback.
Nigel Hoath, director of eConveyancer, said: “Our partnership with The Exchange will ensure that Exweb’s 21,000-plus subscribers are able to benefit from the solution.”
SPML announces fixed rate reduction
Southern Pacific Mortgage Limited (SPML) has announced reductions to its ‘8 range’ two and three-year fixed rate products. Covering all levels of the non-conforming market from prime to heavy adverse, reductions have also taken place across its right-to-buy and buy-to-let products with fixed rates in the ‘8 range’ starting from 5.39 per cent.
Em-bridging the gap
em-bridging has reported considerable growth in applications for bridging loans as brokers turn to the short-term finance solution to help more clients.
Guy Garrard, director of business development at em-financial, said: “Bridging loans can provide fast access to funding with the minimum of formalities. They are easy to arrange and funds can be used for a variety of purposes.”
Bank of Ireland completes Bristol & West branch network sale
Bank of Ireland has announced the completion of the sale of its Bristol & West branch network and associated deposit book to Britannia Building Society. The transaction was completed for £150 million with profits on disposal of the branch network expected to amount to £120 million.
Brian Goggin, chief executive officer at Bank of Ireland, said that the sale was “good value for shareholders and a very positive outcome for customers and employees”.
