Until midnight of Saturday 30th October 2004 the regulation of mortgage sales was done so on a voluntary basis which was overseen by the Mortgage Code Compliance Board (MCCB) – Lenders and brokers alike had pledged to adhere to this code which has now closed down.
This changed on the 31st October 2004 when a large section of the mortgage market came under statutory regulation. At this time, control of regulation was passed on to the Financial Services Authority (FSA).
The role of the FSA is to oversee the regulation of the financial services industry in the UK. The FSA is not a government department but is in fact a limited company – It has statutory powers, given to it under the Banking Act 1987. The FSAs board which makes its policy decisions is appointed by the treasury.
All mortgage brokers must be authorised by the FSA, either directly or through an authorised network/packager. You can check whether a firm is authorised via the register on fsa.gov.uk
What Are The Main Statutory Objectives Of The Financial Services Authority In Relation To Mortgages?
The FSA has been given a number of statutory objectives including:
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