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FSA sets out position on responsibilities

The FSA says it has no intention of making product providers regulate intermediaries through the back door via treating customers fairly.

In a letter to the Council of Mortgage Lenders, FSA managing director of retail markets Clive Briault says the FSA does not wants to redefine the roles and responsibilities of lenders and intermediaries.

Accord Mortgages managing director Linda Will feared that lenders were being given more responsibility to monitor advice and claimed this could force lenders to look towards direct channels.

Briault says: “Our TCF work has not sought to change res-ponsibilities of producer and distributor firms. In essence, producers are responsible for ensuring a product is fit for purpose, and distributors are responsible for the quality of the information and the advice they give to customers.”

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