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Regulation is really needed in the reversion market

I refer to the article headlined, Regulation Reunited in Mortgage Brief (Money Marketing, August 29).

Regulation of lenders and mortgage advisers is long overdue and it is some comfort to know that consumers should have protection from mid-2004.

However, it would be interesting to see if banks, building societies and spec-ialist lenders which become authorised actually comply with the regulations, for it is quite clear in other areas of financial services that many of these institutions are overzealous in their approach to clients (or is it customers?) and offering inappropriate products.

It therefore beggars belief that the new regulation will not include buy-to-let mortgages, second mortgages and home-reversion plans.

I am particularly concerned with the last products because, time and time again, I meet clients who do not understand the implications of what they are entering into and, on many occasions, this is after having sought independent advice from so-called “specialists” in this particular market.

Still, if and when full regulation is in place, it will no doubt give the FSA an excuse to prevent another scandal.

Barry White

Humphries Kirk,

Dorchester,

Dorset

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