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Mortgage Companies

Volume 410: debated on Friday 19 September 2003

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To ask the Chancellor of the Exchequer if he will make it his policy to introduce a statutory obligation on mortgage companies to advise borrowers about the risks of using property and equity release as a vehicle for pension investment when they take on a new mortgage. [131202]

On 1 July 2003, Parliament approved legislation bringing mortgages, including equity release mortgages, within the scope of Financial Services Authority (FSA) regulation with effect from 31 October 2004. The FSA is consulting on rules governing the advice and selling of these products.