Regulation has resulted in consumers actively shopping around for mortgages, according to the Financial Services Authority's review of the mortgage regime.
The FSA has released findings from the first stage of its review into the effectiveness of the mortgage regime, which was introduced nearly two years ago. It reveals over 75% of consumers shop around for their mortgage and consumers are using the key facts illustration (KFI) to compare mortgages, consider the risks of mortgage products, and to decide if a mortgage is right for them. The main focus of the review was on pre-sale disclosures, firms’ advice and selling standards to establish whether the FSA’s new conduct of business rules are delivering the intended benefits for consumers. ...
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