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Mortgage and Protection advice to be regulated

The Government has bowed to industry pressure and handed the FSA responsibility for the regulation of mortgage advice and general insurance broking.

FSA chairman Howard Davies says the regulator will be consulting with the industry about the new regime after admitting the proposed system would impose extra burdens and costs on smaller firms.

Davies says the FSA will also consult on the timetable for implementation of the new regimes and plans for them to come into force simultaneously.

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