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 […]
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 […]
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Bounce Back Loan Scheme (‘BBLS’) and Coronavirus Business Interruption Loan Scheme (‘CBILS’) may have closed, they have been replaced by another loan scheme, also designed to provide financial support to UK businesses, named the Recovery Loan Scheme (‘RLS’).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 […]
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 […]
Asset reviews – the world has changed
Variety is the spice of life – well that is certainly true in our world. It is often wrongly assumed that we solely provide due diligence reviews on traditional asset sales and purchases of bank/building society secured and unsecured loans, but nothing could be further from reality. Prudent businesses, including ourselves, regularly update their product […]
Rockstead gains quality assurance recognition
In a recent press release we announced that we had become fully registered on the FSQS supplier qualification system, managed by Hellios. FSQS is a community of leading financial institutions including banks, building societies, insurance companies and investment services, who collaborate with the primary objective of improving standards in the supplier industry. We are delighted […]
Fraud risks in COVID loan schemes
When a senior officer from the National Crime Agency warns MPs about the substantial amount of fraud within the emergency loan schemes you know there is a problem. With £43bn of government backed loans being provided to 1.4 million firms in a very short space of time, we should not be surprised. At the same […]
Rockstead – Staffing Services in 2020
We are very wary of random statistics predicting annual market outturns, especially at the start of a year, but the early 2020 signs indicate that pent-up demand might finally be released. So why are we feeling positive at this time? Firstly, in respect of lending, UK Finance has reported that December 2019 lending saw an […]
NPL trades are not dead
Some commentators have suggested that 2020 will be a quiet year for portfolio trades, on the basis that any holder of an asset who might have been minded to dispose of part or all of a portfolio would have done so by now, particularly if it is in the NPL category. We do not share […]
The cost of compliance failure
The FCA website shows the level of fines imposed during 2019 currently stands at a shocking £392 million. That number is significantly up from £60m in 2018 and £229m in 2017. The total cost of failure is, of course, substantially higher than just the fine! It needs to include the investigation costs, administration costs of […]
