The website, www.moneymadeclear.fsa.gov.uk/mortgages, has been accused by a number of sources of neglecting to follow its own rulings on Financial Promotions and for neglecting the risk warnings that it has placed great emphasis on for brokers.
A broker, who wished to remain anonymous, said: “It is not a very clear site, and I think it is actually too simplistic as well as non-compliant.
“With regards to the risk warning, it is definitely not prominent enough and if you are being really picky, the FSA is flouting the Office of Fair Trading rules because it has added ‘remember’ to the wording about properties becoming repossessed if the borrower fails to meet mortgage commitments.”
Updated on 22 February 2008, the website has received comment from a number of disgruntled intermediaries that have claimed that the regulator is failing to adhere to its own rules.
The website did state that it was not an advice or sales site, and should be used for general advice, but one Mortgage Introducer source said: “The website is useless and although it’s not a sales website it doesn’t display risks as it should. It seems like double standards; how can the FSA go to brokers and fine them if it isn’t even complying itself?”
Robin Gordon-Walker, spokesperson at the FSA, said: “The website is not a sales site and is for use by the general public in giving general information. It does comply with the specific Financial Promotions guidelines of being ‘clear, fair and not misleading.’”
He also refuted claims that the regulator would stamp down on any brokerage who displayed their information in a similar way, stating that the two in this instance were operating to different markets, with the FSA not a ‘sales portal’.
He added: “The risk is not the same as for products and it isn’t specific – it is just advice for the public. It is laid out to be useful and there is a different concept of risk to that of firms giving advice.”
