22 September 2003
Financial Services Authority (FSA) regulation of mortgage business will be implemented with effect from 31 October 2004 for mortgages and from 14 January 2005 for general insurance. At present complaints about these products bought from firms who have signed up to the Mortgage Code Compliance Board (MCCB) and the General Insurance Standards Council (GISC) are dealt with by arrangements set up by those bodies.
Complaints about mortgages and general insurance bought in the regulated market after FSA regulation commences will come under the Compulsory Jurisdiction of the Financial Ombudsman Service (FOS). However, following consultation, the Government has decided that complaints about mortgages and general insurance products bought prior to FSA regulation that arise after regulation commences, will come under the jurisdiction of the FOS.
Following representations the Treasury is taking this opportunity to make a further technical clarificatory amendment to the legislation bringing general insurance into regulation. This amendment will ensure appointed representatives of FSA authorised persons will be able to conclude all contracts of insurance, with the exception of qualifying contracts of long term insurance and long term care insurance products.
The document is available below in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.
PDF file of Summary of Consultation Responses (44kb)
Financial Services and Markets Act 2000 (Appointed Representatives) (Amendment) Regulations 2004
PDF file of the Regulatory Impact Assessment
(72kb)
Press Notice
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