The New FSA Regime
The Financial Services Authority (FSA) now regulates the mortgage market.
The theory being that the scandals of the past, ie the endowment mis-selling scandal, will be avoided in the future.
However, regulation comes at a price; especially when the FSA is involved.
It is reported that there have been quite a few teething troubles with the new regime.
It seems that many mortgage brokers have not received their firm's mortgage authorisation number, which is provided by the FSA.
Some lenders have experienced problems with their IT systems, and consequently have not produced documents on line.
Others have refused to provide certain documents, as they believe that this will breach the Data Protection Act.
It is estimated that the cost of the new regime, £100 per application, will be placed fairly and squarely on the shoulders of the consumer.
That's you and me folks!