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Author Archives: Lakefront Media

UK Regulators finally act on irresponsible lending

United Kingdom: The Financial Services Authority (FSA) has today outlined proposals to ensure all mortgages are carefully assessed to make sure borrowers can afford them. Reflecting the FSA’s enhanced consumer protection strategy and intensive day-to-day supervision, the proposed changes aim to ensure all lenders get back to the basics of responsible lending and that problems are prevented before they can ... Read More »

CMI May 2010: Service Sector Under Stress

There has been a great deal of concern in the financial sector as the world reacts to the mounting threats from the “Greek disease.”  While it has been acknowledged that the crisis is disrupting the markets in Europe as well as the rest of the world, there has been relatively little impact on the rest of the global economy to ... Read More »

ERNST & YOUNG FACES UK INQUIRY OVER AUDIT OF LEHMAN

A British investigation has been launched into whether Ernst & Young properly audited Lehman Brothers’ accounts in the months leading up to the US investment bank’s collapse.   The Accountancy and Actuarial Disciplinary Board, which regulates the profession in Britain, has launched a probe into E&Y’s accounting treatment of controversial transactions known as “Repo 105s” and “Repo 108s”, which Lehman regularly ... Read More »

CREDIT CRUNCH LIKELY TO RETURN SOON

Now that the banks have regained their senses and have returned to the days of cool calculation regarding how they disperse their money, we can all heave a sigh of relief – safe in the confidence that all is well in the world of the financial community. Well, maybe not. At least not for those companies that may have encountered ... Read More »