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Brokers welcome regulation decision

National mortgage brokers have given an overwhelming welcome to the decision to regulate mortgage advice.

Charcol senior technical manager Ray Boulger says: "This is good news. The CML lender and larger brokers were all sending the same message that the key is to regulate advice. The Treasury initially misjudged the importance of advice and it is nice to seem them recognise this. Lenders will still look very carefully at who they do business with. Larger firms might find the new regime easier as they have the systems in place."

London & Country mortgage specialist David Hollingworth: "At the end of the day this will benefit consumers. Hopefully it will raise standards but this could hurt smaller brokers. This will put back N3 to start with."

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Is DBS justified in raising its fees to cover the cost of N2?“Yes, with the extra regulatory costs, the money has to come from somewhere. As a firm, we have to sit down and make a decision about what is the best move for us.”Rick Patmore, Ford Loft Financial Services“No. Not by the level it […]

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