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Mortgage Guide
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Finding your Mortgage
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Who regulates Mortgage Brokers?

As from October 2004 the Financial Services Authority (FSA) took over the regulation of Mortgage Brokers. This was part of the general shake up in UK financial services following the various scandals that arose from allowing the “professionals” to police themselves.

All Mortgage Brokers must either be authorised by the FSA to provide mortgage advice or be appointed representatives of an authorised firm.

Note that if you take mortgage advice from a firm or individual that is not authorised, you will not have access to compensation or redress from the Financial Ombudsman Service (see below Complaining about Mortgage Brokers) if the advice you are given is unsuitable or inaccurate.

How to check up on a Mortgage Broker

The FSA have a register of Mortgage Brokers. http://www.fsa.gov.uk/register/

All you have to do is type in the name of the firm or the Firm Reference Number.

Complaining about Mortgage Brokers

If you have a complaint about a Mortgage Broker, you should first attempt to sort it out with the firm. See the FSA general guidelines on complaining about any financial service / firm at
http://www.fsa.gov.uk/consumer/02_HOW/complain/mn_complaint.html

and more specifically at

http://www.fsa.gov.uk/consumer/02_HOW/Complain/mn_Ihaveacomp.html

If that fails you can take up the matter with the Financial Ombudsman Service.

To read more on this subject please see the list below or your mortgage guide or your home buying guide

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