IMLA is pleased to note the FSA recognises the progress made by both lenders and intermediaries in terms of improving the quality of mortgage disclosure documentation and supports the FSA’s approach of following up on breaches with specific firms on an individual basis.
Guy Batchelor, chairman of IMLA, said: “We are encouraged by the clear improvement in the quality of disclosure from many lenders and intermediaries, and are pleased that this is acknowledged by the FSA. It is of some concern that there are still issues and errors in some KFIs and IDDs, but we applaud the FSA’s approach in dealing with these with individual firms on a case by case basis.
“The FSA’s proactive approach in working with firms to remedy remaining problems is clearly the right one, and IMLA is committed to supporting such initiatives.
“Finally, we are aware that the FSA considers the length of KFIs too long and that they should be shortened in line with the guideline of five pages suggested by the authority. Again, in the interests of transparency and clarity, we support initiatives to make these documents more succinct.”
