Mortgage Regulation

The Financial Services Authority is responsible for the regulation of the majority of mortgage sales.

This is still relatively new and we have planned the effectiveness review in stages to identify trends and measure progress against the intended outcomes over time. Loan advisers have had a relatively benign economic climate in which to adapt to mortgage regulation.

The Financial Services Authority (FSA) is an independent regulator set up by the Government to look after the financial services industry and protect customers. This was introduced on 31st October 2004 and replaces the previously known Mortgage Code.

This is a good moment to ask whether mortgage regulation is working and to address any shortfalls. For example Northern Rock, Equitable Life, The Pension Crisis, The Endowment Crisis, shares short selling etc.

. FSA regulating headache"

The one FSA change that will put considerable strain on this process is the need to provide a "durable" (printed or emailed) personalised Key Facts Illustration (KFI) for telephone based mortgage enquiries, offer stage proposals, product switches and party additions or removals.

Once you have spoken to an adviser, they will send you a Key Features Illustration (KFI) which fully complies with the requirements of the FSA Regulator.

Letting may not be included. However if you apply for a loan on a "buy to let" property, a commercial property or a property less than 40% of which will be used as your prime residence, the Society will offer you the same level of service as other borrowers but your mortgage will NOT be covered by mortgage regulation and you will NOT enjoy any of the protection which it offers.

AMI is a broker body to help them with the FSA. It is AMI's objective to play a critical but constructive role within the mortgage regulation process - offering insights from the "front line" of the intermediary mortgage market.

Also The CML continues to play a vital role in consulting and advising the FSA on its approach to financial regulation.

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