|
|
Article: Black hole in definition of whole of market.
- Article from:
- Financial Advisor
- Article date:
- November 17, 2005
CopyrightCOPYRIGHT 2005 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
During the past month or so, three major UK mortgage brokers have announced either substantial changes to, or admitted they are reviewing, their mortgage lender panels.
Mortgage regulation has significantly changed what mortgage intermediaries can be expected to offer their clients. If a firm wishes to call itself independent the FSA says that it must provide that service wholly or predominantly based on the whole market as offering a fee-based approach to the client.
So the words whole market now gives an indication of the scale of a panel.
A firm cannot say the service it provides is whole of market unless according to Mortgage Conduct of ...