Mortgage Promotions lobbies for KFI change

Mortgage Promotions is lobbying the FSA to have mortgage clubs removed from the key facts illustrati...

Mortgage Promotions is lobbying the FSA to have mortgage clubs removed from the key facts illustration (KFI). Under the FSA Mortgage Code of Business rules, information in the KFI must include all lender and product details, full procuration fees and the sum paid to a mortgage club. In an open letter to the FSA, Nick Baxter, director at Mortgage Promotions, suggested there is a mismatch in the FSA's approach to regulation and called for mortgage clubs to be treated in the same way as packagers, which are not named on a KFI as they act on an outsourced basis and have no consumer contact...