Few, if any, amendments to existing legislation have been proposed in the Treasury's mortgage consul...
Few, if any, amendments to existing legislation have been proposed in the Treasury's mortgage consultation exercise document published today.
In fact, the document says that most of the issues raised by respondents are already dealt with by current legislation, or are the responsibility of the FSA, which must itself decide whether any action is necessary.
The FSA is due to publish its own response to the Treasury's consultation on Monday, which means regulated advisers, mortgage providers and others will have to wait until then to see whether their businesses will be affected in any way.
The first point on which the Treasury backed off focused on "introducers" who put house buyers in tough with FSA regulated authorised people and firms.
The Treasury says there is no detriment to customers by the actions of "introducers" because the people they end up dealing with must in any case adhere to set FSA standards.
And if customers feel badly treated, it is up to the FSA to determine what action should be taken.
Mortgage clubs, mortgage packaging companies, broker packagers and correspondent lenders should be free to continue their activities much as before. ,/p>
And there is not need to amend the rules defining advice as per the Regulated Activities Order, the Treasury says.
One of the few areas that the Treasury says needs changing involved charities and citizens advice bureaux.
It is recommending new rules that would put the advice they give on an equal footing with regulated businesses.
"The business tests for advising and arranging regulated mortgage contracts have, therefore, been harmonised with the equivalent investment business activities," the Treasury says.
Other issues such as the effects of depolarisation on the mortgage industry, and what to do about appointed representatives are firmly in the FSA's court, the Treasury says.
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