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Mortgages face different regime – Wilson

Mortgages will be regulated in a different way to life and pension products the FSA&#39s director of High Street firms Sarah Wilson has told the Building Societies Association conference in Bournemouth.

Wilson also warned that the number of intermediaries would fall as some either fail to meet the required standard under new regime while others simply do not bother to apply.

She said plans to include comparitive tables for mortgages were on course for later in the year. A prototype of the tables has been revealed at the conference.


MCCB protection warning if broker fee limit is axed

The Mortgage Code Compliance Board believes consumer protection will be red-uced if the £5 broker&#39s fee maximum limit for advice not resulting in a mortgage sale is removed.In its consultation paper, the Treasury justifies removing the limit because the best advice for a potential borrower might be to not take out a mortgage.But the MCCB […]

CML calls for &#39proportionate and cost-effective&#39 approach

The Council of Mortgage Lenders is urging the Government and the FSA to take a “proportionate and cost-effective” attitude to mortgage regulation rather than merely mirror the rules for investment business.In its response to the Treasury&#39s Regulating Mortgages consultation paper, the CML says wherever regulation proposes to go further than the existing mortgage code, the […]

Product matters

You would imagine that the current state of the NHS would have people rushing to buy private medical insurance in their droves but with medical inflation increasing by around 10-15 per cent a year, is it any wonder that the individual PMI market is reducing by an estimated 4 per cent a year?There is a […]

L&G fears CP121 will limit scope of advice

Legal & General says the Treasury risks restricting the scope of advice available to consumers if it applies the FSA&#39s CP121 proposals to the mortgage sector.L&G is concerned that CP121 would create a limited mortgage distribution model, where advisers sell from a small number of lenders rather than giving borrowers access to the entire market.It […]


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