FSA chief executive John Tiner has said that the introduction of mortgage and general insurance regulation will provide additional protection to UK consumers.
Marking the beginning of mortgage regulation on 31 October, Tiner told a parliamentary reception that the FSA had designed a set of requirements which would retain consumer benefits while giving them a better scope of what is available on the market.
He said: “Consumers will get clear information about their mortgage and general insurance products covering essential product features before sale.
“The new regulatory approach will provide consumers with access to the Financial Ombudsman Service and to the Financial Services Compensation Scheme.”
