For more years than I can remember, brokers and lenders have worked very well together and trust the brokers that place business with them. The FSA seems to want to break this trust with a ‘big brother’ approach and there I rest my case.
FSA review – is that it? What a waste of time – it sounds like it had already decided the answers, and it was just a matter of asking people the right questions to get the answers it wanted. This seemed an opportunity missed to start to address the problems with the Key Facts Illustrations (KFIs) and APRs and rid the disclosure documents of some misleading information and also to consolidate it so the consumer does not have to go through around eight pages of each document before they can start to get their heads around it.
Danny Lovey
The Mortgage Practitioner
