I have been in discussions with the FSA for the past year trying to introduce some sanity to this matter. Its response has been that it consulted fully prior to the introduction of the new regulatory regime but the ‘need to be consistent with the approach taken in the Consumer Credit Act’ overrode the challenges that were raised by the industry. Unfortunately this ‘one-size fits all’ approach still prevails despite the obvious and potent arguments against it.
Simon Whittaker
Mortgages for Business
