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Policing policy

Back in the mists of time, the original proposals for mortgage regulation envisaged lenders taking responsibility for brokers – a paper called CP98.

The Government, under pressure from lenders and a report by former MPC member DeAnne Julius, changed its mind and decided it was unworkable.

It accepted that the FSA would have to police mortgage brokers in much the same way as it policed IFAs.

Now, a senior figure in the mortgage market Accord Mortgages managing director Linda Will has raised concerns that treating customers fairly is being used to revert to the old proposals by an overworked FSA. She believes this could happen through TCF’s requirements for lenders to ensure that brokers are properly trained.

All we can say is that requiring lenders to police brokers was never going to work in the first place.

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