UK Mortgage Market To Benefit From FSA Reforms

 

A more sustainable UK mortgage market could emerge under new proposals from the Financial Services Authority (FSA).

The FSA has outlined plans that will focus on improving the mortgage sales process in order to make the sector more stable in the long-term.

According to the body, a key element of the proposals is that those selling mortgages need to ensure each one is sold "appropriately" to the customer's needs. It also wants all firms that provide mortgages to be in possession of a relevant qualification, thus making sure that professional standards are met across the whole industry.

Sheila Nicoll, Director of Conduc Policy at the FSA, said the proposals recognise the importance of making sure quality is maintained with every single mortgage sale.

"By clarifying the role and responsibility of mortgage sellers, we are removing the blurring that could take place between the role of seller and lender," she added.

 

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