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FSA publishes draft mortgage rule book

The FSA is publishing the draft of a rulebook to protect consumers when taking out mortgages.

In a consultation paper out this week the FSA has published proposals designed to give clear information on the key features of the loan and “any hidden costs and catches”.

FSA director of conduct of business standards Michael Folger says: “These days borrowers need help finding their way through the mortgage maze. The aim of these proposed rules is to make sure that borrowers are properly informed and properly treated, from the day that they first consider taking out a mortgage to the day that they finally redeem the loan.”

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