As shown in the timetable below, the consultation paper on regulating mortgage sales is the first of a series that will set out FSA proposals for regulating mortgage and general insurance sales.
The proposals are of two kinds, some relating to firms' conduct during a mortgage transaction, and others relating to firms' ongoing status as an authorised firm (or appointed representative).
Consultation timetable for mortgage regulation
- Approach to regulating mortgage selling – July 2002
- Approach to appointed representatives for mortgage, general insurance and investment business intermediaries – 4th quarter of 2002 (This will contain draft rules)
- High level requirements for authorisation for mortgage and general insurance intermediaries – December 2002 (This will contain draft rules)
- Detailed draft rules covering the mortgage-selling process – 1st quarter of 2003
- Final rules on appointed representatives and high level requirements – mid-2003
- Final rules covering the mortgage selling process – 2nd half of 2003
- Mortgage regulation starts – mid-2004