Regulation
What lies b eneath
Mortgage Introducer looks at what lies beneath CP:10/2 and finds that there really is a lot that matters to you
Regulation, regulation, regulationnull We negative unintended consenullences that nullennulla director at nullvills Private nullnance
just can’t get enough of it. With the regulation could have on a market still in told Mortgage Introducer.
response deadline for the Mortgage a state of recovery.null nullck in nulltober last year when the
Market Review Discussion Paper closing nullnullwants the nullnullto do more to nullnullpublished its MMR Discussion
last month response from the industry bolster the access consumers have to Paper it raised a number of issues that
has been almost unified. advice and although nullnclair concedes the regulator believed had nullesulted in
nulle nullsociation of Mortgage appropriate controls are necessarynull consumer detriment in the market and
nulltermediaries took the fervent measure consumers must not be penalinulld the options for addressing themnullnullthe
of warning that proposals in the through what would be an nullrtificial rules over arrears and the rules over
nullnancial nullrvice nullthority’s Mortgage limitation of their choicesnull approved persons. nulle message then
Market Review will end up protecting nulle MMR spawned an array of was clearnullit wanted those issues sorted
a small minority but at the same time responsesnullmost of which you can and wanted those issues sorted fast.
eroding choice for the bulk of borrowers. find documented online at our website null surprise then that one of the
While the main concern of the nullnull www.mortgageintroducer.comnull first nullnsultation Papers out this year
proposals seem to focus on a small but it was the nullnull’s supplementary addressed the issue head on.
number of consumersnullin this contenull consultation paper nullnullnullnullrears and Richard nullrrnullformer director at nullnull
the needs of the few hardly seemed to nullproved Personsnullpublished on and now project director at compliance
outweigh the needs of the many. null was nullnuary null this yearnullthat could still firm nullelos nulllutionsnulladmits that while
more the nullnullsaving itself than nullock throw a cat amongst the pigeons for the null came as little surprise what lies
saving the nullterprise. mortgage brokers. beneath could come as a shock to
e arnull e concerned that the proposed nullith the nullnullproposing to change some in the industry.
changesnullwhich will protect a small the controversial arrears process to nullordan marrying nullenullReid straight
minoritynullwill substantially impact on make it more consumernullriendly and after he won the latest reality null
the choices of the vast majority of transparentnullmortgage brokers will need show was hardly a shock nullbut this
consumersnull Robert nullnclairnulldirector of to get to grips with these plans as it one is even smallernull he says. nullhe
nullnull told Mortgage Introducer. could have a significant impact on the nullnullhad already hinted that the least
nullhe regulator needs to be mindful of way in which they operatenull Melanie controversial content of the original
20 mortgage introducer MnullCnull2010
MI p20-25_0310.indd 2 23/02/2010 11:01
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