Peter Williams, executive chairman of the Intermediary Mortgages Lenders Association (IMLA), commented: “IMLA welcomes this consultation paper because it brings into the open the FSA’s thinking regarding distribution and disclosure - key issues for intermediary lenders and the intermediary market as a whole.
“As always the devil is in the detail and there is a lot of it here. It is unclear whether the proposals in the consultation paper will clarify and de-clutter the sales process or make it more complex for both borrowers and sellers.
“As in the last consultation paper, we are given no real sense of the assumed capacity or role of the borrower – one of the great silences of the whole Mortgage Market Review process. Although the FSA indicates the paper is directed at ‘sellers’, in reality there is a lot in the Consultation Paper directed at lenders and not least branch-based lenders.
“There is a great deal at stake here and it is vital we end up with reformed system that works better for all the parties – in IMLA’s view, we have a long way to go.”
