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JEREZ 2006: FSA to investigate quality of advice

Speaking at the Mortgage Summit in Jerez today, Michael Lord, head of mortgage and credit unions at the Financial Services Authority, says that the FSA will be carrying out mystery shopping exercises to 70 firms, to check the advice they are giving.

He says: We want to take a step back and say what is good and what is bad about the advice that is being given, looking at things such as what language the broker uses and how they explain things.

He says it will also look at the firms systems and controls and how the broker keeps them up to date and compliant.

Other key areas that the FSA is looking at over the coming year he says will be, networks control over their appointed representatives, disclaimer documents, lifetime mortgages, self-cert, and training and competence.

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Dear Delia

Jo is a first-time buyer and is looking to purchase an ex-council flat that is on the top floor of a six-storey block. She has only been self-employed for the past nine months so does not have a full set of accounts. Jo’s income is 22,000 and the flat is worth 90,000. She has raised a 10% deposit. What are her options?

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