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Mortgage packaging companies excluded from FSA regulation

The Treasury has today published the outcome of its mortgage consultation which states introducers, like estate agents, will be excluded from FSA regulation if they refer borrowers to an authorised person, or their appointed rep.

This follows feedback from respondents to the consultation saying they wanted these introducers excluded because consumers are protected because authorised firms to which they are introduced are subject to FSA rules.

It has also decided that mortgage packaging companies and mortgage clubs will not be FSA regulated as they do not carry out the regulated activity of arranging mortgages.

On the definition of advising, its says this will follow that for investment business so strategic or generic advice will not be regulated. Advising a borrower to take out a specific mortgage with a specific lender will be regulated.

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