So who are the "FSA"?
From Sunday 31 October 2004 the sale of mortgages became regulated by the
Financial Services Authority (FSA).
The move, originally announced four years prior, was the culmination of years
of pressure and lobbying from consumer bodies. The purpose of this was to
ensure the consumers often embarking on their biggest purchase, should be fully
protected from unscrupulous lenders.
The industry-run voluntary code, called the Mortgage Code Compliance Board, no
longer exists.
The new regulatory rules are not retrospective. They apply only to new
mortgages and variations to existing mortgages.
What will regulation mean for you?
Regulation offers a better safety net for you than previous self-regulatory
systems - and has helped to squeeze out unprofessional operators.
This is because anyone who wants to sell mortgages, from estate agents to
mortgage brokers, must now be authorised by the FSA or be part of an
FSA-authorised network.
In addition, we must adhere to a raft of new rules governing sales.
Businesses that fail to comply with the new regime could be forced to stop
trading, risk a fine or even a prison sentence.
Who are we?
Mortgage Minds is a division of The Mortgage Times Group Limited, 5th Floor,
Corinthian House 279 Tottenham Court Road, London, W1T 7RJ. Registered in
England number 4961796. Authorised and regulated by the Financial Services
Authority (303007).
Tel: 08704 10 11 12
You can check our status on the FSA's register by clicking
here. Alternatively you can telephone them on this number 0845 606
1234.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
THERE WILL BE A FEE OF UP TO 1.5% FOR MORTGAGE ADVICE. THE PRECISE AMOUNT WILL
DEPEND UPON YOUR CIRCUMSTANCES, BUT WE ESTIMATE THAT IT WILL BE 0.3% OF THE
LOAN VALUE.
|
|
