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OFT&#39s Bridgeman sets out ideas on benchmarked mortgages

The OFT is urging mortgage providers to develop a bench-mark-based code of practice to help produce a genuinely competitive market.


OFT director general John Bridgeman, who was speaking at a Money Advice conference in London, said he believed that self-regulation would only be successful if product providers have standards to meet rather than laws to comply with.


Bridgeman says: &#34We need better regulation not more. If product providers have standards to meet then we will have a win win situation. The consumer receives a quality product and the quality product provider does not lose out to the inferior product.&#34

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