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FSA Mortgage




A Mortgage is a document that contains the details of an agreement between two parties. One of which is a borrower and the other party is a lender. The Agreement will include information like, Loan amount, Time period of the loan, Interest and the collateral on the loan which is normally the property being bought. A mortgage broker is generally a person or company whose expertise lies in the field of mortgage laws, properties available for sale, and loan procedures. They provide these services to clients for a fee which is usually a percentage of the loan or property amount.

The FSA regulates most mortgage sales taken out on or after 31 October 2004. This section aims to help you choose the right mortgage. The Financial Services Authority is the independent watchdog set up by government under the Financial Services and Markets Act 2000 to regulate financial services in the UK, and protect the rights of retail customers.

The FSA's aims are to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve their business capability and effectiveness. Their funding comes from levies on the firms they regulate.

The firms, they regulate include banks, building societies, credit unions, insurance companies, friendly societies, financial advisers, stockbrokers, fund managers, mortgage brokers and insurance intermediaries. By law, most financial services firms must be authorized by the FSA to do business in the UK. They regulate the firms, which mean they check they are following the rules.
 
Types of business they don’t regulate include the sale and administration of personal loans, credit cards, second charge loans and occupational pension schemes. Other agencies regulate or monitor these services.
 
Once a firm is authorized by the FSA, it is under an obligation to continue to meet the set standards. They use a risk based approach to decide how to monitor different firms. They also look at the way it deals with consumers to ensure the information it gives them is clear and not misleading.
 
The Company work to secure an appropriate degree of protection for consumers, helping them understand their rights and responsibilities and also the limitations of the FSA in its role as regulator.

Financial Services Companies all are here at FinancialBrowsers.com

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