Purely Mortgages applauds the FSA crack down on illegal mortgage brokers but calls for a tougher stance on marketing.
Purely Mortgages chief executive Mark Chilton says too much of the FSA’s proposed crack down is reliant on whistleblowers to expose bad practice.
In its statement the FSA says that in identifying unauthorised brokers, it will focus on its database of registered brokers and leads from the industry and the public.
Chilton says: “If the FSA is committed to cracking down on unauthorised mortgage brokers their attention should be on advertising, specifically online adverts and the classifieds. Anecdotally we believe over 50 per cent of customers use the internet as a source of mortagage information but I’d say around 90 per cent of all online mortgage advertising is non-compliant. If the FSA clamped down they would rapidly uncover further unauthorised sales rather than waiting for us in the industry to complain.”