FSA charges ex-hedge fund trader

Today the Financial Services Authority charged:

"Anjam Ahmad, an ex-hedge fund trader, with one count of conspiracy to commit insider dealing contrary to Section 1 of the Criminal Law Act 1977..."

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BBA: UK march mortgage approvals rise 4.6%

The British Banker's Association reveal:

"4.5% annual growth in the banks' net mortgage lending substantially exceeds annual growth of just 1% across the whole market in February, as banks continue to provide the majority of all mortgage finance..."

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Mortgage rates at lowest level in a year

Moneyfacts.co.uk reveal:

"When bank base rate dropped to 0.50% last year the mortgage market entered unchartered waters. Initial reductions in mortgage rates were soon wiped out as lenders took an increasing margin for risk..."

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Lloyds Banking Group returns to profit‎

Lloyds Banking Group revealed today:

"In the first quarter of 2010 Llloyds Banking Group returned to profitability on a combined businesses basis due mainly to a significant slowing of impairments in the wholesale business..."

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Country house prices continue to increase

According to the latest figures from the Knight Frank Prime Country House Index:

"Prime country house prices rose on average by 2.0% in the first quarter of the year and are now 4.3% higher than they were 12 months ago..."

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FSA to investigate Goldman Sachs

Following preliminary investigations:

"The Financial Services Authority (FSA) has decided to commence a formal enforcement investigation into Goldman Sachs International..."

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UK inflation rate rises to 3.4%

In the year to March:

"The consumer prices index (CPI) rose by 3.4 per cent, up from 3.0 per cent in February. Over the same period, the retail prices index (RPI) rose by 4.4 per cent, up from 3.7 per cent in February..."

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Ponzi schemer jailed for ten years

The Serious Fraud Office announce:

"Convicted fraudster Kevin Foster was jailed for ten years for running an unauthorised investment business and for stealing investors' funds through his £34 million KF Concept scheme..."

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CML: Gross mortgage lending up 24% in March

According to data published today by the Council of Mortgage Lenders:

"Gross mortgage lending was an estimated £11.5 billion in March, a 24% rise from £9.3 billion in February and a 3% rise from £11.2 billion in March 2009..."

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FSA fines London IFA £24,500

The Financial Services Authority today fined:

"Robin Bradford (Life and Pension Consultants) Ltd (Robin Bradford), a London based IFA firm, £24,500 for exposing customers to unacceptable levels of risk of receiving poor pension switching advice..."

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UK house prices up 7.4%

Latest UK house price index statistics, produced by Communities and Local Government, reveal that:

"The UK average house price rose by 7.4 per cent in the year to February 2010, compared with a rise of 6.2 per cent in the year to January..."

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CML: Mortgage market sees modest recovery

According to the Council of Mortgage Lenders:

"January was extremely weak due to one-off factors such as the effect of the end of the stamp-duty exemption in December 2009 and the severe winter weather..."

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FSA fines and bans former Northern Rock deputy CEO

The Financial Services Authority today fined the following:

"David Baker, former deputy chief executive of Northern Rock Plc (NR), £504,000 and Richard Barclay, former managing credit director at NR, £140,000..."

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Prime Central London rents rise by 3.1%

According to the latest data from property consultants Cluttons:

"Rents in Prime Central London rose by an average 3.1% over the first quarter of 2010, with five-plus bedroom houses seeing the highest uplift in rents at 7%..."

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Kensington Mortgage Company Limited fined £1.225m

The Financial Services Authority (FSA) has today announced it has fined Kensington Mortgage Company Limited £1.225 million for poor treatment of some customers facing mortgage arrears:

"The firm has agreed to redress customers who were in arrears and charged specific unfair and/or excessive charges. It is estimated that the redress will cost the firm up to £1.066 million...."

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Northern Rock launches new fixed rate bond issue

Northern Rock is launching a new issue of its Fixed Rate Bond:

"Offering a competitive rate for a minimum deposit of £1. The new Fixed Rate Bond (Issue 389) will be available to open from today (Friday, 09 April 2010)..."

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TMA offers Abbey semi-exclusive three-year tracker deals

The Mortgage Alliance (TMA) has today announced:

"An offer of semi-exclusive three-year homebuyer and remortgage tracker deals from Abbey for Intermediaries (AfI)..."

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IFA convicted of mortgage fraud after drug raid

According to a report by ThisIsGloucestershire.co.uk:

"Three people have been convicted of fraudulently taking out a mortgage on a house in the Forest of Dean following a lengthy and complex investigation..."

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96% in favour of full regulation of the SRB market

Bridgewater Equity Release has revealed the results of an academic survey conducted by Northumbria University with its support:

"The vast majority of respondents (96%) were wholly in favour of full regulation of the SRB market; currently the market is subject to interim regulation of which 75% of advisers were aware..."

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Call to clean up cash ISA market

Consumer Focus is today submitting a super-complaint to the OFT about the £158 billion cash ISA market:

"The consumer champion estimates that 15 million cash ISA holders could be losing out in interest worth up to £3 billion a year because of the way the market operates..."

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