Mortgage errors ‘still too common for comfort’
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.”