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THe FSA and Mortgage Brokers
Robert_Sterling_3
Posts: 7,112 Forumite
The FSA is to regulate Mortgage Brokers.
The IDD, Initial Disclosure Document, will tell you what fees the broker charges.
The broker can claim to be "Whole of Market" , i.e. To choose from the whole marketplace, even though he does not choose from the whole of the marketplace. If the broker uses a panel he is not obliged to display a list of who is on the panel. The list of who is on the panel does not have to be shown in the initial disclosure document.
The IDD, Initial Disclosure Document, will tell you what fees the broker charges.
The broker can claim to be "Whole of Market" , i.e. To choose from the whole marketplace, even though he does not choose from the whole of the marketplace. If the broker uses a panel he is not obliged to display a list of who is on the panel. The list of who is on the panel does not have to be shown in the initial disclosure document.
...............................I have put my clock back....... Kcolc ym
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Comments
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Apart from the IDD the broker has to produce a KFI - a Key Facts Illustration.
The KFI will include the APR.
...............................I have put my clock back....... Kcolc ym0 -
Just one amendment.
The FSA is to regulate Mortgage Brokers should be: The FSA now regulates Mortgage Brokers.
There is a thread created a couple of weeks ago just before the FSA took charge which goes into the pros and cons of the new regulation.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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