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Call for co-operation as lenders welcome Treasury&#39s decision

Mortgage lenders have applauded the Treasury&#39s decision for the FSA to regulate mortgage advice from 2004 and remove the overlap between voluntary and statutory regulators.

Britannic Money is issuing a rally call to the industry to co-operate fully with the FSA to ensure regulation is implemented as soon as possible.

Chief executive Tony Ward says: “Some areas within the responsibility of the lender should be moved along to the original timetable.”

Nationwide chief executive designate Philip Williamson says: “What we would really like to see coming out of the consultation process is a willingness on the part of the Treasury to promote Cat standards for mortgage products.”

Halifax says it is pleased all intermediaries will have to be directly authorised by the FSA as it creates a level playing field.

Bradford & Bingley group development director Ian Darby says: “The devil will be in the detail. The FSA will have to resource itself substantially so a capability and resource issue will follow consultation.”

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