Mortgage borrowers will receive less protection and face more confusion when the Financial Services Authority (FSA) begins to regulate home loans next year, according to the Mortgage Code Compliance Board.
Luke March, chief executive of the Board, in a widespread criticism yesterday of the FSA’s “light touch regime”, said it would have the effect of weakening consumer protection.
The FSA takes responsibility for mortgages in October next year.
References: Financial Times 22/02/03 page 4
