Zzzzzzzzzzzzzzzzzzzzzzzzzz Posted October 7, 2007 Share Posted October 7, 2007 (edited) http://www.bbc.co.uk/fivelive/programmes/f...ivereport.shtml Listen to Mortgage Mayhem - heard the FSA guy say that the FSA had put many brokers and some broking firms out of business. Is this the case? Listed to the Citizens Advice spokesman - you'll love what he says!!!!!!!!!!!!!!!!!!!!!! Edited October 7, 2007 by gruffydd Quote Link to comment Share on other sites More sharing options...
Zzzzzzzzzzzzzzzzzzzzzzzzzz Posted October 7, 2007 Author Share Posted October 7, 2007 (edited) Listen to the FSA guy at the end - our friend Ray suggests banning brokers from business. The FSA bloke answers a different question. Being a PR guy, I'm very tuned into this type of technique. I really am not entirely sure about his claim that the FSA had put alot of brokers and some broking firms out of business, for mis-selling mortgages, either. Will look in to this. Have looked into this briefly and this is all I can find about financial advisers being closed down by the FSA< and not for mis-selling mortgages. http://www.thisismoney.co.uk/news/columnis...p;in_page_id=19 Edited October 7, 2007 by gruffydd Quote Link to comment Share on other sites More sharing options...
Zzzzzzzzzzzzzzzzzzzzzzzzzz Posted October 7, 2007 Author Share Posted October 7, 2007 Extract: "Against this background of rampant mis-selling and the trail of misery it has left over decades, it seems incredible to report that it was only last week that the Financial Services Authority banned David M Aaron (Personal Finance Planners) Ltd for mis-selling precipice bonds in the late 1990s and the early 2000s. It beggars belief that David Aaron Ltd, based in Woburn Sands, Buckinghamshire, is the first firm of financial advisers to be banned by the FSA for the specific financial crime of mis-selling. " Quote Link to comment Share on other sites More sharing options...
the end is a bit nigher Posted October 7, 2007 Share Posted October 7, 2007 Listed to the Citizens Advice spokesman - you'll love what he says!!!!!!!!!!!!!!!!!!!!!! apologies but would you kindly precis thanks Quote Link to comment Share on other sites More sharing options...
bobthe~ Posted October 7, 2007 Share Posted October 7, 2007 I only caught a bit of this, but the problems that were being mentioned on the bit I heard were exactly the same problems that I had read was happening over on the US: agressive selling and no worrying about the ability to repay. No sub prime over here? Yeah, right. Quote Link to comment Share on other sites More sharing options...
Guest Shedfish Posted October 7, 2007 Share Posted October 7, 2007 i just saw a preview of tomorrow's Panorama on News24 - from the trailer it looks like it won't pull any punches Quote Link to comment Share on other sites More sharing options...
the end is a bit nigher Posted October 7, 2007 Share Posted October 7, 2007 I only caught a bit of this, but the problems that were being mentioned on the bit I heard were exactly the same problems that I had read was happening over on the US: agressive selling and no worrying about the ability to repay.No sub prime over here? Yeah, right. i have no worry about their ability to repay - if they can't repay, reposess - prices down Quote Link to comment Share on other sites More sharing options...
DoctorJ Posted October 7, 2007 Share Posted October 7, 2007 I was listening to 5live at about 11am this morning and the UK subprime figure was quoted as 8% (not sure if this is all mortgages or mortgages over the last year or something). but its the first time I've heard a specific figure mentioned, anywhere. One story during the programme was crazy - two people in their late 50s, on benefits, given a 55K mortgage over 25years. The daughters income was taken into account too, but she's also on benefits unbelievable! These couple of numpties signed on the dotted line but didn't read the small print, because they can't furkin read What a shocker! Now their entire income goes on the mortgage. they can't even afford to eat cat food I feel some sympathy for them. but they probably saw it as some get rich quick scheme and were more than likely pushed into it by the daughter. what a sick world we live in Quote Link to comment Share on other sites More sharing options...
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