Insurance News Archive
Clarity on mortgages has improved
New research has been published by the Financial Services Authority (FSA) to assesses how mortgage disclosure documents have improved.
A wide ranging FSA review last year found problems in the information that was being given to consumers.
The FSA found that mortgage information provided by large lenders has improved significantly and that the efforts of small firms have also increased, but there are still concerns about intermediaries.
Inaccurate or contradictory information on fees and charges from intermediaries was the main concern raised for the Financial Services Consumer Panel, which has welcomed the research.
"If consumers can see clearly what mortgages they can buy and how much the alternatives will cost, then they can take an informed decision and have confidence in the market," said John Howard, chairman of the Financial Services Consumer Panel.
"We have been disappointed that many firms have not responded more quickly to the straight forward requirements in the FSA rules. This means that consumers are being poorly treated in too many cases," he continued.
"The FSA needs to keep a close watch on how firms respond to its latest initiatives," he cautioned.
The Financial Services Consumer Panel was set up by the FSA in 1998 to advise on the interests and concerns of consumers.
30 Jun 2006