AFB calls for adviser response to Secured Loan White Paper

It is calling for feedback on regulation of the products, which are loans taken out on a property in addition to a first charge mortgage, from all intermediaries by 30 September. The White Paper sets out the regulatory options for the industry, which include staying under Office of Fair Trading (OFT) and Consumer Credit Act (CCA) control, or accepting full Financial Services Authority (FSA) regulation. The AFB believes with the implementation of the European Consumer Credit Directive, a change to the regulatory landscape is inevitable. Robert Sinclair, director of the AFB, comments: “...