Mortgage regulation talks

The Financial Services Authority (FSA) has commenced talks with representative of the mortgage industry on the implementation of proposed regulations. These will cover only the traditional owner-occupier mortgage, omitting buy-to-let or home reversion schemes, in the latter case leaving potentially vulnerable consumers still unprotected from bad advice. Further, regulation would apply only to advice prior to contract, not the contract itself but will, however, regulate steps taken when borrowers fall into arrears.