In response to today's publication of research by the Financial Services Authority on the effectiveness of mortgage regulation for consumers since the FSA took over, John Howard, Chairman of the Financial Services Consumer Panel said:
"It is good news to see that consumers are using the new documents that the FSA has introduced to help choose the best mortgage for them. It is imperative that advisers comply with the rules and give these to consumers at the right time - FSA mystery shopping research in July 2006 showed that for lifetime mortgages, approximately one third of shoppers did not receive an Initial Disclosure Document (IDD).
Also, today's research is more evidence that new regulation from Europe1 must not be allowed to stop the requirement for information to be given to consumers such as the Initial Disclosure Document (IDD) and Key Facts (KFIs)."
1 MIFID (The Markets in Financial Instruments Directive) has been described as intending to ensure that consumers benefit from the same level of protection whether they choose a foreign investment services provider or a domestic one, and this may affect the additional levels of protection afforded consumers in the UK.
– ends –
MEDIA ENQUIRIES
| Rebecca Tabor |
020 7066 0902 (07971 660368) |
| 
