News

Mortgage movement

by Compliance Monitor and the Deloitte & Touche Regulatory Consulting Practice

Mid-2004, the date when the Financial Services Authority expects to begin regulating mortgage advice and arranging by intermediaries, in line with the Treasury’s decision last December to expand its remit beyond mortgage lending and administration, may seem far away but there is much to be done. Not least is new authorisation of firms and variation in permission of those already regulated in order that they may carry out mortgage business The FSA says that it will give “due credit” to those firms that are already registered with and meet the standards of the voluntary organisations like the Mortgage Code Compliance Board (MCCB) and it plans to consult on high-level authorisation requirements in December this year.