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Mortgage brokers face electronic regulators

Mortgage brokers will face electronic checking under new proposals by the Financial Services Authority.


The FSA is considering linking its computer system with those of larger mortgage brokers. This means data can be transferred to the FSA&#39s head office for compliance checking.


The move comes ahead of the government&#39s decision on whether to switch from voluntary to compulsory regulation for the mortgage industry.


FSA managing director and head of supervision Michael Foot said: “This is a classic example where IT solutions ought to work to everybody&#39s benefit.”

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