The future has finally been revealed

Last Thursday the Treasury published new legislation for mortgage advice after extensive consultation with the industry. As we reveal across five pages of news, starting on page 4, and five pages of in-depth analysis, starting on page 18, the new mortgage regulations have prompted a mixed response from every sector of the market.

Some pundits seem happy with the final content and some, predictably, are not so happy. But in the words of Ruth Kelly, financial secretary to the Treasury, these are “a proportionate and streamlined set of regulations” and the final detail will be up to the Financial Services Authority to decide.

The precise timetable for mortgage regulation has yet to be finalised. This is because the government is still waiting for the European Parliament to formally adopt the Insurance Mediation Directive – expected to be later this year. When that happens we will know exactly how and when the timetable for mortgage regulation will be implemented. Whatever happens, full regulation is less than two years away.

Buying a mortgage is the biggest financial decision most people will ever make and it is vital that they make the right choice. But whether these regulations will make it easier to do that will depend on your response to the FSA&#39s consultation paper.

That paper is due out at 10am today and it will set out details about how the FSA proposes to implement the regulation of advice. You will be able to download a copy of the consultation paper by visiting the FSA website at and clicking on the relevant link. There will also be full coverage of the paper&#39s contents on Mortgage Strategy online. If you have not already registered for our free website, the time to do so is now. Simply visit and click on the register button.

The results of the Treasury&#39s consultation paper and today&#39s publication of the FSA&#39s initial thoughts on how this will be implemented will shape the future of the mortgage market forever. If you missed the opportunity to respond to the ill-fated CP98 – the FSA&#39s original plans to regulate the mortgage market – or indeed to respond to the Treasury&#39s Regulated Activities Order consultation paper, you should be ashamed of yourself.

This is your market, your livelihood and your future. As we have said before, of paramount importance is that you make your voice heard. Tell the FSA and Mortgage Strategy what you think by responding to today&#39s consultation document in full.