FSA to tackle Europe and T&C

As part of its review into effective regulation of the mortgage market, the FSA has confirmed it is to look at removing the current time limits on passing exams as part of the T&C modules. As part of ‘Reforming COB Regulation CP’, the regulator also confirmed it would be reviewing its complaints handling procedure with the consultation period open until February.

The FSA confirmed it would be carrying out a further review of the self-certification mortgage sector, following earlier concerns over affordability and suitability checks, in addition to failings over record-keeping. It confirmed it would also be holding a series of workshops in 2007 to tackle any issues.

With the Markets in Financial Instruments Directive (MiFID) set to launch in January 2007, the FSA has also updated its website to include the FSA’s intentions within the European arena, and how European work on mortgages had progressed so far.

David Hollingworth, mortgage specialist at London & Country, welcomed the introduction of a European website. He said: “If all the information about Europe and the directives are available in one place then that has to be a good thing for the industry. It is very difficult to keep up-to-date with all the changes that are happening so if there is a summary of it all somewhere, then that should be welcomed. Having said that, lenders are often the most affected by European legislation and so will have their own resources that they can call upon.”