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In 2001, HM Treasury announced that the regulatory powers of the Financial Services Authority were to be extended to include the regulation of mortgage lending, sales and administration and general insurance sales and administration. Regulation of the mortgage industry is a response to the need to protect consumers from scandals such as the endowment mis-selling scandal of the 1980s and 1990s.
The government expects that regulation by the FSA will help rebuild public confidence in the sector and that it will also ensure that the industry conducts its business in an appropriate manner. This means that from 31 October 2004, all those who carry out mortgage business will need to be authorised by the FSA. Although the FSA has been working hard to try to ensure that the process for regulating many thousands of sole traders and small firms is straightforward and efficient, many remain unfamiliar with the FSA's regime.
This publication was followed up by:
A Practitioner's Guide to Mortgage Regulation ISBN: 9781905121243