FSA proposes extending RDR labels to mortgage advisers

Although mortgage advisers do not come under the scope of the RDR, the regulator is proposing making a level playing field with the investment sphere in terms of how services are described to consumers. All advisory firms who label themselves as ‘independent' will have to source products from a ‘comprehensive and fair analysis of the relevant market', today's mortgage market consultation paper reads. In the mortgage market, the FSA considers ‘relevant market' should relate to the relevant home finance transaction (i.e. the regulated mortgage contract market, the equity release market,...