Almost 70% of brokers have called on the Financial Services Authority to regulate secured loans, in the latest Association of Mortgage Intermediaries census. Just 26% of brokers believe that the current situation should remain. A further 5% are unsure.
Our view
We believe that eventually secured loans i.e. those loans that you take to sort out finances or pay off other debts or for home improvements that are not with your normal lender and are secured on your home are likely to become regulated in the future anyway. All finance related advice or product sales should be regulated to offer the general public protection against poors advice or poor selling practices.