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FSA rules out new burdens on mortgages

The FSA has responded to mortgage broker concerns by clarifying that it will not be introducing new disclosure requirements.

This comes after a speech made by FSA head of mortgage and credit unions Jonathan Fischel in May where he said that whole of market advisers facing difficulty in accessing a representative panel of lenders, should clarify to their client that there are certain deals only available direct.

In a note to members, the AMI says it wanted to ensure there were no fresh regulatory burdens being placed on firms and has received confirmation from the FSA that this will not be the case.

The note says: “This could have been an issue not only for the mortgage market but also one affecting all retail financial services. We were also concerned that tied mortgage advisers seemed to be excluded from these new requirements – why did they not have to say that better terms may be available by going to an intermediary?

“The dual-pricing issue may well be starting to fade and regulation based on a mom-ent in time does not make for good regulation but the FSA have assured us this is not the case and no new regulations are being introduced.”


Class struggle

The Competition Commission’s finding that people buying payment protection insurance are being overcharged by 1.4bn a year follows action by the FSA against firms accused of misselling PPI.

Lakey attacks Leek over referral

Highclere Financial Services partner Alan Lakey has hit out at Leek United Building Society after it arranged for one of his clients to speak with another mortgage broker.

Spring has sprung

Well, it’s been lovely to see a little bit of sunshine, even if it was only a brief appearance. I live in Scotland so, believe me, it was very brief.  Of course, with even the tiniest hint of spring, thoughts turn to the inevitable clearout that must take place.  And that got me to thinking […]


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