A New Set of Rules Put Forth by the FSA

Many who are at this time, at the altar of perfection and certainty are likely to lose hope as a result of the Financial Services Authority's crack down on interest-only mortgages.

FSA banning self-certified mortgages

The Financial Services Authority exposed new regulations in order to make the banks obligate and to make sure that all the mortgage clientele can afford their reimbursements, in a drive that shall prohibit the idea of self-certifying loans.

According to the policies, banks should attain evidence of all the clientele involved in approaching for loan income prior to the loan is endorsed, the Financial Services Authority expressed on Tuesday.

FSA Awards 11% More Bonuses to Staff, Accounts £22m For Last Year

Last year, Financial Services Authority (FSA) paid £22m bonuses to its staff, while it restricted any such grant for the banks regulated by it. The total bonuses were 11% more than the last year.

FSA drafting a “risk map” of Europe

Britain’s financial watchdog, the FSA, is reportedly drawing a “risk map” to stress test British companies’ exposure to shaky European economies.

The stress tests will allow the financial regulator to determine how serious the eurozone crisis may become as the regulator is mapping where risks emerge from, focusing on currencies, countries as well as commodities.

British banks have also been asked to model disastrous scenarios that include Greece’ defaulting on its loans as banks across Europe gets hit hard by any sovereign debt crisis.

Banks Hit by More Than 2 Million Complaints

It has been revealed by the Financial Services Authority that the banks were hit by more than two million complaints, while the financial services firms paid out £284 million in reimbursement to consumers in the second half of last year.

According to FSA, the total number of complaints against all financial services firms was pushed to 2.6 million from July to the end of December 2009, due to back-dated complaints about unauthorized bank charges.

Rambourg continued directing trades via Bloomberg instant messaging system

Gartmore hedge fund manager Guillaume Rambourg, who was fined by Italian regulators last month for market abuse, used to direct trades to favoured brokers via Bloomberg instant messaging system.

Gartmore CEO Jeff Meyer Rambourg knew the company rules which prevent them from directing trades, but he circumvented them and continued as before.