MMR: New rules will embed common sense into mortgage market – FSA
Anyone who’s dealt with lenders in the past couple of years knows that common sense is rarer than a talking dog! No one would disagree that the mortgage industry needed common sense, what it got instead is MMR!
The Cynical Broker
25 Oct 2012 | 06:42
MMR: FSA clarifies scope of advice proposals
This is simply a green light for lenders to carry on as before. VERY few customers know what they want (or even the options that exist) and it is just wrong to pretend that advice is neither wanted nor needed.
A major problem with the current market is the execution-only stamp being stuck on whatever lenders want to flog their clients.
This is a major climbdown, which many predicted but that I hoped would not happen, although I knew that it would the moment Tesco was authorised without an advised option.
Stuart Duncan
25 Oct 2012 | 08:18
MMR: FSA enshrines responsible lending
I think we can all look forward to telling a £200,000 a year client he is not HNW – that will be fun. A little anomaly the FSA have missed.
A 55-year-old titled Lady on benefits with a £5m pound home, is she High Net Worth? She thinks so and will tell you so!!! We must have the same rules for all residential mortgages – NO exceptions.
If you allow exceptions they will be the ones who have expensive solicitors to argue you should have given full advice!
No exceptions
25 Oct 2012 | 12:07
The final MMR rules…in two minutes
All common sense and do-able. Given the small number of changes since consultation why did the final rules take so long to publish?
I think intermediaries will have to impliedly check affordability as they will have to complete the lender’s income and expenditure forms with the client.
Charles Haresnape
25 Oct 2012 | 16:25
MMR: Equity release to be fully-advised
A positive step forward that will help ensure firms and advisers take full accountability for this potentially vulnerable client area.
Full comprehensive advice is key to enable the client (and family) to make an informed choice and there is no place for execution-only in this increasingly diverse marketplace.
Matt Sutton
25 Oct 2012 | 17:10
Thank you for your comments this week.
