FSA criticises subprime industry

The Financial Services Agency (FSA), the UK industry regulator, has found that lenders and intermediaries inadequately assessed and monitored their subprime loan customers.

Clive Briault, managing director of retail markets at the FSA, says: "We are very concerned about these findings. Consumers in the subprime market are vulnerable people who may have high debts or a bad credit history. It is therefore important that they are properly assessed and advised.”

In a review published today, the FSA said that intermediaries:
• inadequately assessed consumers’ ability to afford the mortgage in a third of the 485 cases;
• inadequately assessed suitability in almost half of

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here