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Consumer mortgage regulation improving, says FSCP

28 September 2006
According to John Howard, the chairman of the Financial Services Consumer Panel (FSCP) mortgage regulation has markedly improved since the Financial Services Authority (FSA) began regulating the industry.

Mr Howard was responding to the publication of research by the FSA that suggested consumers are happier with the regulation of the mortgage industry since the industry body took over.

"It is good news to see that consumers are using the new documents that the FSA has introduced to help choose the best mortgage for them," Mr Howard said.

"It is imperative that advisers comply with the rules and give these to consumers at the right time."

Industry regulators have also expressed concern regarding mortgage regulation in light of new guidelines on regulation handed down by the European governing bodies, which some analysts say could reduce investment protection for UK consumers if they chose to invest on the continent.

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