With the MMR, the regulator is preventing squeaky clean, well-informed, self-employed applicants from releasing equity from their homes unless they can prove their income. There are plenty of other examples of borrowers who will be shut out.
If we want a society where nobody takes responsibility for their own actions the FSA is doing its bit to get us there sooner.
The FSA has been a major contributer to the claims society we see today and tries to treat every consumer as stupid and every lender and adviser as guilty until proven innocent.
Replace the FSA with independent legal advice for all non-prime secured borrowings. Job done.
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