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On October 31 2004, the mortgage business became a regulated industry. The organisation given the responsibility to authorise and regulate mortgage intermediaries is the Financial Services Authority (FSA), and their powers are supported by legislation (Financial Services & Markets Act 2000).

So, what does this mean to you, the consumer?

The FSA’s objective is to rid the industry of rogue players who tarnish the mortgage industry’s reputation. In doing so, they aim to reduce financial crime and improve consumer confidence and understanding of the mortgage market.

How is this done?

First of all, individuals and firms intending to give mortgage advice will need to be authorised by the FSA. The authorisation process can take up to 6 months and involves certain criteria being satisfied. For example:

• The business needs to be run by persons deemed to be fit and proper.
• Procedures prescribed by the FSA need to be observed, ie on handling complaints.
• Specific rules exist on offering independent advice and fee charging.
• Staff providing advice need to be suitably trained, qualified, competent and supervised.
• Prescribed documentation needs to be produced and provided to the consumer so that all costs and charges are fully transparent.

Regulating Body

Who regulates us?

Stevenson Pride is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Services Authority.

We have as a company chosen to use Personal Touch Financial Service Ltd as our principal. Therefore using their experience and knowledge in mortgage regulations to enable us to give fit and proper advice.