FSA continues enforcement action
The Financial Services Authority (FSA) has banned former solicitor Allen Elliott from carrying out any function in relation to regulated activities in the financial services industry.
The Tribunal’s unanimous decision was that Elliott was not fit and proper as described in the Financial Services and Markets Act. It concluded Elliott ‘poses a risk to the protection of consumers and a risk to the reputation of the market’.
GE enters prime market
GE Money Home Lending has entered the prime first mortgage market with the pilot launch of a First National product.
Initially available through Abacus Permanent, Optoma Broker Solutions and Pink Home Loans, the prime range includes fixed rates of 4.89 per cent, with loan-to-value (LTV) available up to 95 per cent. There is no extended overhang on the range, with loans of up to £500,000 permitted.
Solent Mortgage Services has announced enhancements to its Harbour Homeloans partnership with First National.
They include a refund of valuation on completion across the range. Other changes include no loadings on self-cert for first-time buyers and light adverse products. Rates start from 4.29 per cent on its ultralight range.