FCA fires another warning shot at later life lending
In a recent speech, at the Building Society Association annual conference, the FCA fired another warning shot across the bows of later life lenders. In particular, the regulator outlined its concerns about how lifetime loans were sold. Critically, it used the phrase “We wanted to see……..” It was a reference to its observations as far […]
Challenger banks and financial crime controls
The FCA has recently announced the results of its review of challenger banks anti-fraud processes and controls. It undertook an extensive research programme that included over 50% of relevant firms and a sample that covered 8 million customers. The review focused on the activities of digital banks, a subset of challenger banks, who use technology […]
Buy now pay later products and RMBS concerns
The change in approach and increased level of anxiety regarding BNPL schemes is increasing. So why are RMBS investors becoming progressively more concerned? 1) The HM Treasury consultation on the regulation of BNPL schemes highlighted interesting growth statistics: the value of transactions from the main providers had more than tripled, 11% of consumers had used […]
ESG mortgages, FCA ups the stakes!
In our last blog we focused on the fact that RMBS investors are genuinely becoming more ESG focused. This is partly because of the premium that underpins a green transaction (the ‘greenium’), but also because regulators are starting to drive green issues. The latter was brought back into focus in a recent FCA ‘Dear CEO’ […]
ESG and mortgage portfolios
Our scopes of work, when considering due diligence and AUP reviews, are more regularly containing a requirement to consider and comment on the ‘greenness’ of a mortgage portfolio. While cynics suggest investors aren’t really interested in the ESG aspects of a portfolio and are only asking because they think they should, that is not our […]
ROCKSTEAD calls on lenders and regulators to address weak ESG data.
Rockstead, the leading due diligence and business review provider, has called on lenders and regulators to address weak ESG RMBS disclosure criteria and to increase the quality and quantity of disclosure requirements. Brian Pitt, CEO at Rockstead said: “There is a real and measurable demand from investors for green mortgages, but there remains a significant […]
Operational risk and resilience
It is nearly a year since the PRA set out its requirements in respect of outsourcing and third-party risk management. More importantly, there is now little more than four weeks before the Supervisory Statement becomes effective. The enhancement of operational resilience within financial sector regulated businesses remains a key strategic priority for the PRA and […]
Arrears contingency planning
The markets were not surprised when the Bank of England Monetary Policy Committee (MPC) recently voted to increase the bank base rate. The only surprise was that the increase was limited to 0.25%, lifting the rate to 0.50%. It is now known that members were split 5-4 with those in the minority arguing for a […]
Customer calls – today’s challenges
Our clients have identified three major issues right now: Increased volumes without proper resources in place Our solution Staffing Services Staff working from home receiving and making calls Our solution Yabber Remote Quality control and compliance teams working remotely as well Our solution Yabber Managed Service We are still open and here to help you […]
Working From Home – the need for enhanced call compliance
Volumes of calls into contact centres are reported to have increased 700% across a number of industries, but particularly in the mortgage sector where lenders have seen requests for payment holidays climb dramatically. One lender reports that it has already seen requests for postponement of payment from around 20% of its mortgage customers. It is […]
