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FSA to boost consumer protection

The FSA intends to introduce a rule on excessive fees for mortgage advice or arranging, similar to the excessive charges rule that exists for investment business.

This will set standards for the prevention of high-pressure selling, excessive charges and inducements.

The FSA has proposed that a responsible lending rule remains valid for non-advised sales, but suggests that it should not apply to advised sales as the proposed suitability requirements will require that the adviser considers the affordability of a mortgage.

The FSA has also stated that consumer education is an important tool to help achieve its objectives for mortgage regulation. It proposes to concentrate on helping consumers to get the most out of disclosure; helping consumers to understand the limitations of regulatory protection, and providing help for particular groups of consumers, including those purchasing lifetime mortgages.


World Cup knocks housebuilding figures

The latest housebuilding figures show that fewer dwellings were started this summer than last. Some 13,400 dwellings were started in June 2002, compared with 17,000 in June 2001. Some 46,600 starts were estimated in the three months to June compared with 48,800 in the first quarter of 2002. The low figure in June is likely […]

Packagers query Treasury&#39s proposals

Treasury plans to regulate some packagers but exclude others have been met with disbelief.The Treasury confirmed it will not amend proposed legislation to take account of packagers. But it does identify four types of packager in a bid to clear up widespread confusion over their regulatory status. Mortgage clubs and mortgage packaging companies providing lenders […]

FSA unable to rule out some dual regulation

The FSA has outlined the scope of the mortgage regime, but warns that some firms will still need a consumer credit licence. To avoid dual regulation, mortgages that meet the definition and which could presently be regulated under the Consumer Credit Act (CCA) will become the FSA&#39s responsibility when the new regime goes live. However, […]

RJ Temple launches lifeline to benefit clients and charity

IFA RJ Temple PLC has kicked off a campaign to save clients money and benefit the Southern Africa Crisis Appeal. The Lifeline campaign offers people a free quotation service for life assurance. For each quote that is lower than the person&#39s current premium, RJ Temple will donate £10 to the charity appeal. Even if it […]


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