FCA and PRA fines – firms can no longer ignore them
Firms should now have their 2022 compliance plans in place. Information sources that often influence those plans include regulator consultation papers and ‘Dear Chief Executive’ letters as examples. However, one of the most useful sources is often overlooked; analysis of the previous year’s fines issued by regulators. Fines in 2021 were up three-fold on 2020 […]
Lifetime mortgage providers under the regulatory spotlight
Regulatory guidance lands on lenders’ desks in a variety of formats; guidance notes, consultation documents, policy updates, notifications of regulatory fines, Dear CEO letters and, on occasions (in respect of key concerns) letters addressed to the whole Board of Directors. The latter should currently be a focus of Lifetime Mortgage Providers’ Boards as they received […]
‘Buy now, pay later’ market is an FCA target
Followers of FCA regulatory trends know that what appears in a consultation today is likely to become the rule tomorrow – or at least remarkably close. This shows the detailed thought process and analysis the FCA carries out before going public. The same can be said for information contained in FCA annual reports or outlooks. […]
CBILS rule breaches under the spotlight
The timing may seem a bit strange, but the focus, as the scheme is about to come to an end, has been redirected to the issue of compliance. We suggest this should have been done earlier in the process. The early focus of CBILS funders and lenders was the quick processing of loans to assist […]
Risk mitigation in funding later life lending
Later life and ‘last time’ buyer lending is a product area where growth rates are outstripping traditional lending. Some commentators are genuinely surprised at the growth and innovation over the last 6 months But looking at the drivers, it is not surprising to see why. Many lenders are looking to develop product ranges away from […]
The RMBS market is alive and kicking
It also reinforces the continued support for specialist or non-bank mortgage lenders, particularly from global pension funds and debt investors when a number of them are understandably unhappy about the recent lack of central bank funding support. Investors in UK based RMBS have, over the last decade or so, become more confident in the underlying […]
64 million reasons to reduce call handling risk
A regular theme in conversations with our clients, both Rockstead and Yabber’s, is the true cost of non-compliance. We make no excuse for banging on about it – too often we learn that the first functions to be axed as part of a cost-cutting exercise are risk and compliance. Firms who focus on such programmes […]
Payment holidays – the risks for lenders
With the announcement that the payment holiday scheme is being extended for a further 3 months, with 1.8 million borrowers already having taken that option, it is now clear that number will increase significantly. We estimate that up to 30% of borrowers will take at least a 3 month payment break, as some that did […]
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 […]
