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1. EU considers post-Brexit banking reform
2. MPs call for reform of Japanese knotweed laws
3. Remortgaging market remains strong in March
The number of first-time buyers mortgages completed in March 2019, according to UK Finance's latest Mortgage Trends Update, March 2019.
The European Commission is reportedly working on its biggest regulatory push on banking since the financial crisis, which may limit Britain's access to the EU post-Brexit, according to a leaked text seen by Reuters (online only). In a 12-page document, it is understood that the Commission is considering increased financial regulation such as a review of banks? capital rules by June 2022, as well as the possibility of ?concentration charges? on banks? holdings of risky of government debt. These changes will include an examination of the EU's relationship with the UK, in an apparent attempt to make the EU less reliant on London as financial centre. City AM (p4) reports that this document also suggests the idea of a centralised anti-money laundering supervisor.
Meanwhile, the Financial Times (£, online only) reports that the Labour Party has warned Theresa May that it will not support her Brexit deal in June unless she makes more concessions, including a guarantee that any agreement reached cannot be undermined by a new Conservative leader. Speaking at the Financial Times ?Brexit and Beyond? conference, shadow chancellor John McDonnell said that any compromised reached must be enshrined in British legislation or an EU treaty.
Separately, the Conservative government has been criticised for not being on the side of small business owners, according to a report published today by the Centre for Policy Studies (CPS) (The Times, £, p36). The CPS accuses the government of stifling entrepreneurship, saying that small businesses are undermined by a tax and administration regime that is considered ?far too complicated, costly and bureaucratic?.
A report by the House of Commons? Science and Technology Committee published today has suggested that Japanese knotweed is wrongly destroying the value of thousands of homes because mortgage lenders are relying on discredited scientific evidence, reports the Daily Telegraph (£, p8). The Committee said that lenders were adopting an ?overly cautious? attitude to the issue, which has left homeowners unable to sell properties, even where the invasive plant posed no practical threat.
Commenting on the report's findings, a UK Finance spokesperson said:
Lenders decide their own policies for lending on properties affected by knotweed or other invasive plants. If knotweed is present, it is usually one of a number of factors the lender will consider, and the level of severity may be a consideration. If lenders agree to advance a mortgage they will normally require evidence of a programme of treatment in place by a suitably-qualified professional as a condition of the loan.
Further government research into knotweed would provide useful insight and we will work alongside the Law Society and RICS to support the delivery of the report's recommendations.
The remortgaging market remained strong in March as 16,810 new remortgages with additional borrowing were completed in the month, a 9.1 per cent increase compared to the same month a year earlier, according to UK Finance's latest Mortgage Trends Update, March 2019 published today. Overall, the residential remortgages market witnessed its twelfth consecutive month of year-on-year growth, as a number of fixed-rate deals come to an end and borrowers continue to lock into attractive rates. The data also showed a slowdown in first-time buyer mortgages, while buy-to-let house purchase activity continued to contract due to tax and regulatory changes.
Faith Reynolds, independent consumer representative, Open Banking Implementation Entity, blogs today in support of Mental Health Awareness Week and answers how Open Banking and mental health is transforming more than just payments.
Banks in the UK could face fines if they make selective and arbitrary decisions about compensating customers who have fallen victim to fraud, says the Financial Conduct Authority's head of enforcement Mark Steward (Reuters, online only).
Ethical lapses, rather than financial performance or boardroom struggles, led more corporate leaders to resign last year than ever before, according to a study by PwC (The Financial Times, £, online only).
The Bank of England's chief operating officer Joanna Place has emphasised how promoting diversity and inclusion is a top strategic priority for the Bank, with ?deeds and not words? the key to the institution making progress, in a speech made yesterday in London (Mortgage Introducer, online only).
The Church of Scotland has encouraged congregations to embrace contactless payments, making it easier for people to donate faster and easier (The Scotsman, p24).
Credit data company Experian has launched a new service in the US that allows the company to review customers online banking transactions, which is said to help boost credit scores (The Times, £, p43).
The Association for Financial Markets in Europe is convening a working group on Mifid regulations that requires extra transparency in financial markets, after concerns that the rules are cumbersome and of little value (The Financial Times, £, p27).
Columnist Simon Nixon argues in The Times (£, p37) that the European elections are turning into a proxy second referendum, and that as a result, debates about the major shared challenges facing the UK and Europe are being ducked. Nixon cites decisions over how to respond to the rise of China, whether to reform state aid and competition rules to make it easier to create national champions and how to tax multinational companies to safeguard national revenue bases as key questions facing the continent. He concludes by asking at a time of rapid change in Europe, who will fight British businesses? corner?.
Nicky Morgan, chair of the Treasury Committee, writes in City AM (p27) about what progress has been made since the Committee published its report on Women in Finance last year. She argues that firms should do more to limit the gender pay gap and suggests a number of options to address this. She concludes that the Committee will do all it can to improve all forms of diversity in finance.
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