The FCA is cracking down on peer-to-peer lending and crowdfunding (again) December 9, 2016 It seems like only yesterday the Financial Conduct Authority (FCA) was telling peer-to-peer lenders they must behave more like banks. Now the financial watchdog has proposed tough new rules, which will force crowdfunding and peer-to-peer lending platforms to comply with the same rules as major lenders on mortgage lending, restrict cross-platform investment and make them [...]
Property market predictions 2017: From Brexit to tenant fee bans, we’ve asked London’s biggest real estate agents to look into their crystal balls December 8, 2016 2017 will see the rise of Build-to-Rent in London Mark Collins, chairman at CBRE Residential Throughout 2017, I hope that SME developers continue to be championed and encouraged by local government, as these housebuilders will play a major role in alleviating the housing crisis. Access to land and financial support as well as flexible planning systems [...]
Opinion: Head of Savills’ Auctions on why owner occupiers are still the minority buying homes under the hammer December 8, 2016 Property auctions have changed dramatically over the last 30 years, evolving from small-scale events focused on lower value property, to day-long sales featuring a wide cross-section of the market. And the sector continues to grow. Savills Auctions has sold over £300m worth of property in 2016. Over the past three decades the reasons for selling [...]
US regulators have been much harsher than their UK counterparts while European authorities have been even kinder… December 5, 2016 US regulators have slapped fines on banks at four times the level imposed by their UK counterparts in connection with interest rate and foreign exchange manipulation. A total of 12 banks have been fined $9.8bn (£7.7bn) by US authorities over the last four and a half years. This compares with £2bn imposed on 11 lenders by UK authorities. [...]
Royal Bank of Scotland reaches £800m settlement deal with three shareholder groups December 5, 2016 Royal Bank of Scotland has reached a settlement with three out of five shareholder groups involved in claims relating to a rights issue the bank carried out during the financial crisis. RBS said today that it has concluded a "full and final" settlement with three of the groups, representing around 77 per cent of the [...]
Retail shareholders hold out for better deal in RBS lawsuit December 4, 2016 A subset of shareholders suing RBS over how it handled a financial crisis fundraising are holding out for a better deal, despite other investors closing in on an out of court offer. Shareholders are currently due to face off against the bank in court next March, claiming the lender misled them into taking part in a 2008 [...]
UK house price growth slowed again in November December 1, 2016 House prices grew by 0.1 per cent in November, with the rate of growth slowing to 4.4 per cent from 4.6 per cent in October, and analysts pointed to market uncertainty and cautious buyers and sellers having a cooling effect on the sector. The Nationwide House Prices Index showed the average price of a house [...]
RBS on renewed drive to cut costs and shed assets after Bank of England stress test flop November 30, 2016 The Royal Bank of Scotland will now renew efforts to slash costs and shed assets, as it tries to bolster its balance sheet after flunking the Bank of England's most recent stress test. The worst performer of the seven lenders tested, RBS will now be monitored by the Bank's prudential regulation authority and has had to [...]
The City watchdog might be about to relax rules on mortgage lending that are tripping up smaller lenders November 30, 2016 The City watchdog has today launched a consultation to further pick over the rules on how it checks firms are not allowing people to borrow too much on a mortgage compared to their income. The Financial Conduct Authority (FCA) is asking for feedback on proposed amendments to its previous 2014 guidance based on recommendations from the Bank of [...]
The reality of starting out as a landlord: Four months of no tenants and £2,000 set-up costs November 29, 2016 It may be regarded as a money-spinning idea by some, but a new study has laid bare the challenges of being a landlord. A fifth of new property owners said they had endured four months without tenants after they bought their first properties, according to a study by the Nottingham Building Society – while 53 per cent [...]