'Whole of market' need not include direct mortgage deals - Sants

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Hector Sants has confirmed that the FSA's definition of ‘whole of market' takes into account the fact that many mortgage deals are not offered through intermediaries.

Sants also dismissed rumours that the regulator was to impose new minimum liquidity requirements on building societies. The comments by Sants are the first time a major FSA figure has directly addressed the issue of dual pricing in the mortgage market. Commenting on brokers’ concerns about cheap direct deals, Sants says: “We have been approached by a number of intermediaries asking whether this practice is fair under TCF. Our response is that lenders are not obliged to deal through brokers. How they choose to price and distribute their products is a commercial matter.” “It follows from...

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