Abstract
This paper analyses the Financial Services Authority proposals for reform of the residential mortgage market. It focuses on the proposed point of sale regulations and the design and promotion of retail financial products regulations. It considers the question of why such a careful balance needs to be drawn in this area of law and then analyses the appropriateness of the balance currently drawn. It will be argued that the proposed approach to regulation does not differ from the previous position based on responsible lending and responsible borrowing. By relying heavily on free market philosophy and the ability of borrowers to borrow responsibly it is submitted that the FSA has failed to achieve the preventative aim of regulation.
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