Mortgage regulation consultation
The department of Business, Enterprise and Regulatory Reform (Berr) has published a consultation document on a proposed reduction in mortgage regulation.
A reduction in regulation is intended to reduce the burdens attached to the process - as much for the sake of consumers as for businesses.
This could save busy professionals a greater financial burden resulting from a trickle-down of costs imposed on lenders, in addition to shortening the mortgage approval process.
The economic secretary, Kitty Ussher, explains that the aim is to maintain "transparency" provided by regulation while "safeguarding important consumer protections".
She said: "We are maintaining the existing levels of protection for borrowers, removing unnecessary burdens on business and ensuring that extra compliance costs are not passed on to consumers."
Mortgage market regulation is currently provided by the Financial Services Authority (FSA) and the Office of Fair Trading (OFT) under the 1974 Consumer Credit Act.
A reduction in regulation is intended to reduce the burdens attached to the process - as much for the sake of consumers as for businesses.
This could save busy professionals a greater financial burden resulting from a trickle-down of costs imposed on lenders, in addition to shortening the mortgage approval process.
The economic secretary, Kitty Ussher, explains that the aim is to maintain "transparency" provided by regulation while "safeguarding important consumer protections".
She said: "We are maintaining the existing levels of protection for borrowers, removing unnecessary burdens on business and ensuring that extra compliance costs are not passed on to consumers."
Mortgage market regulation is currently provided by the Financial Services Authority (FSA) and the Office of Fair Trading (OFT) under the 1974 Consumer Credit Act.
