BM Solutions, working in conjunction with YouGov, surveyed over 2,000 people with the question: “‘Mortgage Day’ is to take place on 31 October and will mark the start of the Financial Services Authority policing Britain’s mortgage industry. What do you think this will mean for the consumer?”
Consumers were given 11 options from which to make the choice of what the changes would mean to them.
Overall 59 per cent said that they didn’t know what it meant; 18 per cent said that Key Facts Illustrations (KFIs) would be introduced making mortgages more transparent while 8 per cent thought that estate agents would become regulated and 6 per cent believed that a quality mark will be stamped on mortgage deals.
When asked if the FSA could have done more to raise awareness Matt Grayson, public relations manager at BM Solutions, explained that the FSA has been preoccupied with its preparations and that it was up to the industry to make people conscious of regulation.
Grayson continued: “The industry has spent too much time talking amongst themselves; it is time for us to spread the word. Consumer protection will ultimately make life easier for brokers.”
Sally Laker, managing director at Mortgage Intelligence, said: “I’m not surprised by the figure. I think the message we as an industry need to start spreading to consumers is to check that the broker is regulated.”
Mark Mountney, managing director of Premier Mortgage Management, said: “It is a realistic figure considering the amount of mainstream media attention regulation received.
“If the FSA believe ‘Mortgage Day’ has been sold to the consumer as a positive they are mistaken.”
