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Two-thirds of brokers say don&#39t apply CP121 to loans

Two-thirds of brokers are against the FSA&#39s CP121 proposals being applied to mortgages and want a different regulatory regime from life, pensions and investment.

A survey of 500 intermediaries last month by specialist lender Future Mortgages rev-eals that only 11 per cent are in favour of CP121 covering their business while 23 per cent are unsure.

The Future 500 survey also shows that 36 per cent are concerned that the Treasury&#39s mortgage regulation consultation goes too far in its proposals but 52 per cent are happy with the recommendations.

Future says this finding is one of the few endorsements of the Treasury&#39s proposals but warns that there is still a risk of more sweeping recommendations being made.

It believes one of the most surprising results is that 58 per cent are confident the time-table to implement regulation by 2004 is feasible.

Although 98 per cent of brokers back the idea of a trade body, only 1 per cent support the National Association of Mortgage Brokers and Advisers.

Future Mortgages head of PR Richard Hurst says: “We are not surprised that mortgage brokers want a different type of regulation. Life and pensions have been regulated for a long time while the mortgage market has evolved naturally.

“No one could argue that it is not competitive and healthy, which is why some fear statutory regulation.”

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