After much contemplating, the Treasury will shortly announce a timetable for the regulation of mortgages and general insurance.
The Insurance Mediation Directive was passed at the start of October this year and the Government now have 2 years to make it law. The current industry regulator, the Financial Services Authority will become responsible for the regulation and it can't come soon enough for us.
Our view
By regulating mortgages and general insurance, consumers will receive the same level of protection that they do with their pensions, savings and investments. This should give consumers more confidence that they are dealing with professionals, not sharks!
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