RICS demands more effective oversight
Regular readers of our blogs will be aware the focus is often based on the core themes of independence, oversight, culture and behaviours. The recent update from the standards and regulation board (‘SRB’) of the Royal Institute of Chartered Surveyors (‘RICS’) confirms a focus on similar issues – and we therefore support it. Many of […]
Pre-funding reviews by Rockstead
Pre-funding reviews on new lenders or renewals of funding lines have evolved significantly since the global financial crisis (‘GFC’). The reviews were superficial and extremely light touch at that point in time.Back in the first half of the 2000s, funders believed that any failings in the processes of those they funded would be mitigated by […]
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 […]
Recovery Loan Scheme
While the Government’s Bounce Back Loan Scheme (‘BBLS’) and Coronavirus Business Interruption Loan Scheme (‘CBILS’) may have closed, they have been replaced by another loan scheme, also designed to provide financial support to UK businesses, named the Recovery Loan Scheme (‘RLS’). Like the previous schemes, the RLS is initially available through several lenders accredited by […]
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 […]
Securitisations – alive and kicking
The recent positive news that a UK specialist lender has completed a £350m mortgage securitisation is a welcome fillip for the RMBS industry. In a further boost, a separate transaction of £425m from a different lender followed within days. We understand both transactions were oversubscribed across the tranches, allowing the lenders to price senior notes […]
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 […]
NPL securitisations and the implementation of Basel standards
Chief Risk Officers, and those with compliance oversight responsibilities, often use regulator consultation papers [‘CP’] as useful documents to plan for and get ahead of the game in respect of a regulator’s direction of travel. CP 10/21 is no exception, as it sets out the PRA’s future thinking on the implementation of the Basel standards […]
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 […]
The importance of Securitisation in non-bank lenders’ strategies
The importance of securitisations for challenger and non-bank lenders is well known and has been the subject of much of our commentary this year. There are number of sessions where the subject will be debated at this year’s Global ABS being held in London on 27 and 28 September 2021. We are exhibiting there – […]
