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Secured loans 'need FSA regulation'

Secured loans 'need FSA regulation'

Category: Loans

Updated: 20/07/2017
First Published: 17/03/2009

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This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The secured loans market in the UK should be overseen by the Financial Services Authority (FSA), it has been stated.

According to intermediary service Loan Options, regulation of the sector by the watchdog would help clear up confusion.

It follows similar calls by the Association of Finance Brokers (AFB), which identified "overwhelming" support among its members for the FSA to oversee the sector.

The AFB explained that intervention would allow for the European Consumer Credit Directive to be limited to unsecured loans, with the watchdog acting separately to regulate secured loans in a "robust" way.

And managing director of Loan Options Andy Moody backed the proposal, describing it as a "logical move" in order to minimise complication, both for the industry and for consumers.

"We need a regime where the public and the intermediary community can feel there is a real all-embracing compliance umbrella in terms of care and continuity," he said.

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