Media Centre
BSA Responds to Mortgage Regulation Consultation
|
Date:
25 Nov 2009
|
Print page | Email |
Commenting on today’s Treasury consultation paper on extending the scope of FSA regulation Paul Broadhead, Head of Mortgage Policy at the Building Societies Association, said:
Second Charge Lending
“We support the regulation of second charge lending by the FSA to ensure that all customers are treated consistently. The challenge for the FSA and the OFT will be to ensure a smooth transition period for both customers and lenders.
Buy to Let
“If the FSA wishes to regulate mortgages for small landlords as set out in the Mortgage Market Review discussion paper, it will face a difficult challenge in differentiating between mortgages for different types of buy to let investors.
Selling on of Mortgages
“We welcome the proposal for greater protection for consumers when mortgages are sold on. A more robust approach to ensuring that buyers of mortgages continue to treat borrowers fairly is to be welcomed.”
~ Ends ~
Notes to Editors:
1. The Building Societies Association (BSA) represents mutual lenders and deposit takers in the UK including all 52 UK building societies. Building societies have total assets of over £370 billion and, together with their subsidiaries, hold residential mortgages of over £245 billion, more than 20% of the total outstanding in the UK. Societies hold nearly £240 billion of retail deposits, accounting for more than 20% of all such deposits in the UK. Building societies also account for about 36% of all cash ISA balances. Building societies employ approximately 50,000 full and part-time staff and operate through approximately 2,000 branches.
2. Photographs of Paul Broadhead are available from the BSA press office, or from the Association’s website at www.bsa.org.uk or Headlinemoney www.headlinemoney.co.uk
