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Lenders still in dark grey areas

The decision not to include mortgage advice is a major weakness in the Government&#39s regulatory regime, say both Opposition parties.

Conservative Shadow economic secretary Howard Flight and Liberal Democrat DTI spokesman Vincent Cable say the two issues cannot be separated. They believe the Government must act to bring in the regulation of mortgage advice to protect consumers.

Flight says he does not believe Catmarked mortgages will be successful as there are so many more competitive and better tailored products on the marketplace offering more value to consumers.

He says when it comes to simplicity versus a better deal, consumers will always opt for the latter.

The Liberal Democrats welcome the move to introduce consumer protection with mortgage regulation but do not understand why advice has been excluded.

Cable says: “I continue to be confused as to how the Government sees the issue of mortgage regulation being separate from advice when in practice the two cannot be disentangled. This is a major weakness on the part ofthe Treasury.”

Flight says: “Regulation of advice is something we have been pushing for since the Financial Services and Markets Bill was still going through Parliament. Advice must be included in any comprehensive regime of mortgage regulation.”

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