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Mortgage errors ‘still too common for comfort’

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30/06/2006

The Financial Services Authority (FSA) has said that too many small mortgage lenders and brokers are still misleading customers about their fees and charges.

A survey conducted by the FSA found that more than a quarter of brokers issued Key Facts Illustrations – which are supposed to detail all the charges and terms of a homeloan – containing significant errors.

Clive Briault, the FSA’s managing director of retail business, said: “Providing consumers with clear and relevant information is a key element in consumer protection because it enables them to make informed decisions and shop around.”

Mortgage broker John Cornell said: “The FSA seemed to think that overall the quality of mortgage advice had improved over the past year. I suppose there will always be a minority who spoil it for the rest of us.”

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