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Loan Options supports FSA regulation

Secured loan packager Loan Options has given its support to the Association of Finance Broker’s call for the FSA to regulate the secured loan market.

Loan Options is adamant that ignoring the importance of appointing the FSA to regulate second and subsequent charge residential lending will cause confusion and leave the UK with a bureaucratic mess of competing regulation as well as making it more difficult for both the intermediary and customer to understand.

Andy Moody, managing director of Loan Options, says: “Not only is it a logical move to bring the whole of the secured lending market under one roof from a compliance and oversight perspective, but the truth is that the it is the only sensible step without the government having to come up with a tortuous ‘two tier’ regime for the implementation of the upcoming EEC’s Consumer Credit Directive.

“We need a regime where the public and the intermediary community can feel there is a real all embracing compliance umbrella in terms of care and continuity.”


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