The Mortgage Code Compliance Board (MCCB) has added the buy-to-let sector to the list of areas it would like the Financial Services Authority (FSA) to reconsider under the terms of the CP146 consultation.
Speaking at The Mortgage Event in Bolton, Richard Fox, compliance director of the MCCB, pointed out that not everybody entering the buy-to-let market was either a professional landlord or speculator.
He said: ‘What about the case of a vicar or army officer, living in tied accommodation, looking to buy a property to live in after leaving their professions? These people need to enter the buy-to-let market to secure their futur,e but are not necessarily going to be covered by any regulation.’
To date, the MCCB has already highlighted concerns over the move away from the requirement to disclose procuration fees, as it believes this has a bearing on what mortgage a client receives, and the introduction of filter questions as a new level of service set between advice and information.
It believes that any consultation which leads to a decision constitutes advice.