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Excessive fee rule

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.

The regulator says this will help 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.

To avoid dual regulation, mortgages that meet the definition and which could presently be regulated under the Consumer Credit Act will become the FSA&#39s responsibility when the new regime goes live.

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