Mortgage Lender Compliance

Mortgage Compliance

The FSA examines mortgage products in a similar way to personal pensions, unit trusts and other financial investments.

Lender Compliance

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All mortgage lenders in the UK are subject to the rules and regulations of the FSA (Financial Services Authority ).

The main regulatory concerns of the FSA surround the fact that mortgages are expensive life-time financial products and an unscrupulous sales cycle can result in consumers paying much more to borrow the money to buy a home than they need to. Bad advice or mortgage selling can in extreme cases mean borrowers entering into financial arrangements that do not meet their needs at all.

Consumers need to be given all of the facts surrounding the choices that they have in order that they can make the best decision for them. They cannot be forced into a narrow buying decision based on with-holding information that might be relevant to them.

The regulation of consumer information plays a big part in the remit of the FSA in an attempt to make sure that customers have all the accurate information that they need before purchasing and that they are not being mislead. This includes rules on financial promotion material such as advertisements and marketing brochures, in order that they have high standards and product transparency.

Here are rules on pre and post sale disclosure documents, to enable consumers to acquire clear information specific to their circumstances and in a standard comparable format.

There are also measures to provide better comparative information to help in the early stages of shopping around, and to raise understanding of mortgage products.

FSA Compliant lenders must show that they are helping to protect borrowers
On a wider scope the FSA monitors the management and activities of mortgage lenders especially where there are reporting requirements. Although this doesn’t have direct impact on consumers it does mean that the companies that are lending money are regulated at the highest levels especially when they operate within the wider financial markets.

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