This week’s Star Letter goes to Mac75 for his comment on the story ‘Brokers agree place for self-certification in UK mortgage market‘.
“The ability for the self-cert lender to bypass UK regulation and still lend in Europe just shows how ridiculous regulator attitudes have become. If the aim of the FCA is consumer protection then why let non-regulated companies advertise in the UK for this type of business, it just doesn’t make sense. If self cert is no good then UK consumers shouldn’t be able to access it elsewhere. This just makes a mockery of regulation.
“The demand when the self-cert company opened for trading just shows what pent-up demand there is in the UK for these schemes. To force UK borrowers to go overseas and take a greater risk without some protection and have to take execution-only routes just shows how far off the mark the regulators are.
“Regulation is important to ensure that consumers are not taken unfair advantage of, however whatever happened to caveat emptor? Borrowing and lending is a risk business, the regulator cannot take all the risk out of the market just by saying they don’t like self cert.
“There is a section of the populus, such as the self-employed and directors of companies, who don’t always just fit the mould the FCA likes.”
