Lockhart Grey Financial Planning Ltd

Consumer Protection and Regulation

The regulation of mortgages came into force on October 31st 2004. The Financial Services Authority (FSA) where given the responsibility to authorise and regulate mortgage intermediaries with the powers supported by legislation (Financial Services and Markets Act). No individual or company may give mortgage advice unless they have been authorised by the Financial Services Authority.

In the past the industry has been plagued by a number of rogue traders who have tarnished the industries reputation and therefore undermined consumer confidence of mortgage advisers and the advice that they give. The FSA’s objective is to rectify this situation and thereby improved consumer confidence and reduce financial crime in relation to the mortgage market.

In order to attain this individuals and firms giving mortgage advice have to be authorised by the FSA. Lockhart Grey Financial Planning Limited is an appointed representative of Intrinsic Financial Planning Limited which is authorised and regulated by the FSA with their registration number being 440718. In order to give mortgage advice certain criteria would have to be satisfied.

For example :-
•    The business needs to run by persons deemed to be fit and proper
•    Procedures prescribed by the FSA need to be observed, i.e. on handling complaints
•    Specific rules exist in offering Whole of Market advice and fee charging
•    Staff providing advice to be suitable trained, qualified and supervised
•    Prescribed documentation needs to be produced and provided to the consumer so that all costs and charges are transparent.
•    Member firms are under an obligation to Treat Customers Fairly

Lockhart Grey Financial Planning Limited adhere to all of the above.