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FSA seeks to define independence in the mortgage market

The FSA is consulting on whether it should place requirements on firms in the mortgage market who choose to call themselves &#39independent&#39 and, if so, whether this should apply to both advised and non-advised sales.

It also considers whether firms should adopt a different status in relation to different regulated products, for example, being independent for mortgages but only selling investments from one product provider, and whether firms should be able to change their status when dealing with different types of consumers.

The FSA believes this issue is closely linked to its work on general insurance, polarisation and product disclosure in the investment market. In its consultation paper on regulating mortgage sales, the FSA says: “When choosing where to go for information or advice, consumers need to be aware of the number of lenders and products that will be assessed. In the investment market, &#39independence&#39 is used as a convenient shorthand for providing &#39whole of market&#39 advice. No such defined term currently exists in the mortgage market. We have considered the merits of defining independence in the mortgage market in the same way as for investment business.”


Treasury releases regulation update

The Treasury finally published its overdue legislation for mortgage advice last week.Ruth Kelly, financial secretary to the Treasury, says: “Buying a mortgage is the biggest financial decision most people will ever make. It is vital that they make the right choice – these regulations will make it easier to do that. We will not be […]

A regulatory response A regulatory response

The Treasury&#39s long-awaited mortgage regulations received a cautious welcome last week. The regulations are the outcome of extensive consultation after the Treasury announced plans to regulate mortgage advice alongside general insurance on December 12 2001 (Mortgage Strategy, December 17 2001).Ruth Kelly, financial secretary to the Treasury, announced the new regulations on Thursday. “Buying a mortgage […]

Platform offers new fix

Platform Home Loans is launching a new range of market leading fixed rates starting from 4.99% and fixed until October 1 2003. The new fixed rates are: Up to 65% LTV = 4.99% Up to 75% LTV = 5.49% Up to 85% LTV = 5.99% Up to 95% LTV = 6.99%The fixed rates are available […]

Northern Rock announce xit2 deal for online valuations

Northern Rock has tied up outsourced process management outfit xit2 to provide an online valuation service. xit2&#39s Valuation Exchange enables Northern Rock to quickly complete valuations and offer a better service to its IFA network and customers. The lender recently went live with the solution following a six month pilot. Richard Barclay, head of credit […]


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