FSA raises concerns over higher income multiples

Speaking at the Mortgage Business Expo today, Clive Briault, managing director of retail markets at the FSA, says the regulator is "particularly concerned" about what its quality of advice processes work tells it about the approach to affordability in mortgage firms. He states: "It is becoming clear that affordability is not being adequately discussed and assessed in an unacceptable number of firms. Indeed, in a worrying number of cases, affordability is not being discussed with customers at all." He says both advisers and lenders have responsibilities to ensure mortgages are affordable ...