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New rules to protect mortgage holders proposed by FSA
Dan:_4
Posts: 3,795 Forumite
New rules to protect mortgage holders who are in arrears have been proposed by the Financial Services Authority.
The FSA says it wants to ensure that those borrowers are treated fairly, especially ones who have borrowed from specialist lenders.
It wants to ensure that repossession is a last resort and that borrowers in arrears are not levied unfair charges.
http://news.bbc.co.uk/1/hi/business/8480073.stm
The FSA says it wants to ensure that those borrowers are treated fairly, especially ones who have borrowed from specialist lenders.
It wants to ensure that repossession is a last resort and that borrowers in arrears are not levied unfair charges.
http://news.bbc.co.uk/1/hi/business/8480073.stm
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Comments
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These proposed changes are rather late in the day for many borrowers unfortunately.0
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Ermm.. what about protectionism?
I thought the UK goverment was against that? Or as per usual, it's just a lip service thing.0 -
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did you forget that the previous ones before that were that ones that took away the regulation in the first place?Thrugelmir wrote: »Current Government was against financial regulation and see where that has left us now.0 -
The question is, which do you prefer.
1) no regulation, yet spending billions on a regulator that doesnt regulate.
2) no regulation, without spending billions on a regulator that doesnt regulate
I'll let you choose the FSA's fate.0 -
did you forget that the previous ones before that were that ones that took away the regulation in the first place?
The financial services world has changed dramatically in the past 15 years. Far more sophisticated and complicated than before. Regulation should be constantly changing.
Like tax avoidance its a constant catch up game.
Regulation of people allowed to sell mortgage products is very basic though.0
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