Consistent regime wanted

The Treasury has responded to broker demands for more consistent regulatory regimes by agreeing to explore the links between CP121 and mortgages, writes Harriet Williams.

The government admits that the finalising of mortgage regulation ahead of changes to the polarisation regime is “unhelpful timing”. But brokers say the FSA will have enough time to take account of the finalised polarisation regime before drafting final rules for mortgage regulation.

Rod Murdison, proprietor of London-based Murdison & Browning, says: “It is only right that the whole regulatory regime interacts and is understandable to everyone. I&#39m pleased mortgages are outside depolarisation, which will confuse borrowers by giving the impression that some brokers are independent when they are not.”

The Treasury admits the defined payment system could take a heavy toll on brokers&#39 mortgage business.