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Halifax says depolarisation should cover whole market

The need for clarity and an explanation of the impact of the FSA&#39s polarisation review on the mortgage industry are the key issues raised in Halifax&#39s response.

The bank says previous rounds of consultation tackled its main concern about intermediary advice not being regulated but now it believes the biggest question is whether the depolarised model will be applied to the mortgage sector.

Halifax says to avoid consumer confusion and deliver transparency, depolarisation should cover the whole market as it would avoid the problem of an adviser being multi-tied for life products and ind- ependent for mortgages.

Another point raised in its response is the need for packagers to be covered by regulation, where they are influencing the borrower&#39s choice of mortgage.

Halifax is also asking the Treasury to take a reasonable view on who must be an approved person as the amount of post-completion work on mortgages carried out by lenders would make it costly to regulate all sales-support staff.

Manager (mortgage regulation) Celia Rowland says: “We are asking for clarity from the Treasury on the impact of the FSA&#39s consultation on the polarised market. It must make sure the situation is clear for the customer.”

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