| answer text |
<p>The Government decided that it would not take forward legislation but would keep
the position of contracts sold to unregulated firms under review and return to legislation
if there was sufficient evidence of consumer detriment. This decision was reached
based on careful consideration of the market conditions at the time, analysis of the
available evidence of consumer harm and engagement with a range of stakeholders, including
the Financial Services Authority (FSA) and Financial Ombudsman Service (FOS).</p><p>
</p><p>The Government continues to keep the position of mortgage contracts sold to
unregulated firms under review. All mortgages, regardless of the regulatory status
of the owner, must be administered by a regulated administrator.</p><p>It is worth
reiterating that further regulation of this kind would not necessarily enable borrowers
to switch to a cheaper mortgage deal or lower the interest rates they pay.</p>
|
 |
