Shock Horror!

[schadenfreude]

Why am I not surprised:

The City watchdog, the FSA, has found that mortgage lenders and brokers routinely fail to comply with consumer protection rules.

http://news.bbc.co.uk/1/hi/business/4145214.stm

[justanewbie]

"The Financial Services Authority said mortgage lenders or brokers breached regulations during 45 out of 82 visits made by its agents posing as clients.

The FSA said it would take enforcement action if things did not improve. "

======================

Gosh, I bet the lenders are really scared, now.

[erd]

The FSA said it would take enforcement action if things did not improve. "

<{POST_SNAPBACK}>

Surley the idea of the visits is to catch people breaking the rules and fine them, not say tut-tut, don't do it again.

[murpaul]

"The Financial Services Authority said mortgage lenders or brokers breached regulations during 45 out of 82 visits made by its agents posing as clients.

The FSA said it would take enforcement action if things did not improve. "

======================

Gosh, I bet the lenders are really scared, now.

<{POST_SNAPBACK}>

Are the regulations legally binding? It would seem so from the link. In which cases the borrower can refuse payment without any recourse from the lender?

Edited August 12, 2005 by murpaul

[eric pebble]

Why am I not surprised:

The City watchdog, the FSA, has found that mortgage lenders and brokers routinely fail to comply with consumer protection rules.

http://news.bbc.co.uk/1/hi/business/4145214.stm

<{POST_SNAPBACK}>

When the dust settles in a year or so - the media wil be FULL of stories about the madness/Mania etc. etc. - Just like there were at the end of the Dotcom Boom -- People will wonder at the stupidity of it all......