Appointed reps regime to extend to mortgages

The Government will extend the appointed representatives regime to the new regulated activities of advising and arranging regulated mortgage contracts.

Details from the Treasury&#39s Regulated Activities Order consultation paper published today reveal that no respondent had a fundamental objection to extending the appointed representative regime to mortgages.

But it says many were concerned with the detailed rules that may surround the regime.

A spokesman for the Treasury says: “These matters are for the FSA who will be consulting on the issues in due course.”

The FSA is expected to release its next consultation paper on Monday.

Respondants to the consultation were concerned that under FSMA 2000, a person cannot be both an authorised person and an appointed representative of an authorised firm. As a result, the regime might have the effect of restricting consumer choice in the market place.