The
Financial Services Authority (FSA) has highlighted the importance of high-quality
financial advice, news which may be reassuring to first-time buyers looking to enter the
mortgage market.
In its Retail Distribution Review, the FSA noted that clear information needs to be given to consumers in order to boost their confidence in the industry.
As such, Britons looking to
invest in a mortgage could benefit from unrestricted and unbiased advice, the price of which should me made clear from the start.
Commenting on the report, chief executive of the British Bankers' Association Angela Knight said: The
banks are committed to delivering meaningful change in this market and in supporting the FSA's efforts to ensure everyone gets the right advice to prepare for their financial futures.
Furthermore, the financial watchdog urges the implementation of minimum qualifications via a Professional Standards Board to encourage people that the sector is meeting values and principles.
In related news, homeowners struggling with
mortgage repayments were given a helping hand by
chancellor of the Exchequer Alistair Darling in his pre-Budget report.
Mr Darling announced a £200 million
mortgage rescue scheme to help vulnerable homeowners who face the risk of
repossession .
