The Financial Service Authority is unlikely to give any more warnings over poor record-keeping in the sub-prime and self-certification mortgage markets, intermediaries attending this year's Mortgage Business Expo have been warned.
Martin Reynolds, head of sales at BM Solutions, points out the City watchdog believes there is nothing wrong with either sub-prime or self-certification mortgages as products but highlights information in a report into self-certification published by the regulator earlier this week warned there is not enough explanation as to why an intermediary has recommended such a product. “What the FSA has highlighted is that intermediaries need to watch out on their record-keeping,” he says. “It is a recurring theme that record keeping needs to be addressed and the FSA can’t keep telling us that...
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