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Treasury to clamp down on lenders


The Treasury is set to clamp down on extended redemption penalties and lenders which do pass on the benefits of base rate cuts to their customers.


The Government department has issued a strongly worded discussion document which lenders and IFAs believe to be a clear indication that the decision to bring mortgages under the remit of the FSA at N2 when the Financial Services and Markets Bill becomes law has already been made.


The Treasury continues to deny it has already made the decision but the public consultation document states marks out clear concerns about the effectiveness of the voluntary mortgage code.


Halifax chief executive James Crosby says: &#34We welcome the regulation of mortgages by the FSA, it will bring benefits to the consumer and the industry.&#34


Savills Private Finance managing director Mark Chilton says: &#34I think statutory regulation is now an inevitability but as to how long it takes, that is a different matter.&#34


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