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Calls to toughen up mortgage regulation

The Council of Mortgage Lenders and the Consumers&#39 Association has hit out against the Government&#39s latest mortgage reform announcements.


Both organisations fear the plans to regulate lenders but leave advisers outside of FSA monitoring do not go far enough.


CML director general Michael Coogan says: “There are still many pieces of the regulatory jigsaw to slot into place. In particular, it is unclear how advice by mortgage intermediaries will be delivered or regulated under the new system.”


Consumer Association director general Sheila McKechnie also questioned the decision not to deal with the issue of misleading mortgage advice. She says: “The Government&#39s plans do not address this problem.”

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