A couple of years ago, the city watchdog, the Financial Services Authority, took over the regulation of the mortgage market. And not before time when you consider the disgraceful levels of mis-selling of endowment mortgages during the Eighties and Nineties!
Until then, lenders and mortgage intermediaries were governed by the Council of Mortgage Lenders’ voluntary Mortgage Code, and that was only if they subscribed to it. Not surprisingly, when the Financial Services Authority took over mortgage regulation, it drew up its own stricter Code of Conduct and applied it to all mortgage lenders and intermediaries….
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