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Treasury clears up loan confusion

The Treasury has moved to clarify industry confusion over whether life offices&#39 tied sales forces and other appointed representatives will be able to advice on other lenders&#39 mortgages under future regulation.

Its Regulating Mortgages consultation document states an “authorised independent mortgage intermediary…could not continue to be an appointed representative for other activities”.

The Treasury has explained this means appointed reps are already FSA regulated and can continue to advice on mortgages in the market from 2004 without seeking the FSA authorisation required by independent mortgage intermediaries.

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