The Financial Services Authority (FSA) has confirmed it is removing the non-advised sales process for mortgages, but has clarified its definition of 'regulated' advice following concerns from lenders.
The change means all but the most straightforward of mortgage sales must be made with advice. The confirmation comes in an FSA policy statement - meaning its final rules - for mortgage sellers following a Mortgage Market Review (MMR) which began more than five years ago. Most of the rule changes will be introduced in 18 months' time - in April 2014. The FSA is taking forward most of its original proposals, including strengthening its arrears charging rules and adding new requirements for lenders. It confirmed it is removing the non-advised sales process, but it said this did not...
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