unregulated been a lot of talk in the press about homeowners applying for mortgages with "[tags[adverse credit[/tags]". The popular press tends to concentrate on the problems this causes for for the applicant, but the issue of adverse credit applications creates problems for brokers and lenders too.
During a recent speech the outgoing chief executive of the Financial Services Authority (FSA) publicly stated that he would like to see secured loans come within the regulatory umbrella of the FSA's control.
The UK secured loan market has grown rapidly over the last 10 years, according to figures from Datamonitor the market is now worth around £6 billion. Any market this size is bound to attract its share of suspect operators and the UK secured loan market is no different. There is still very limited regulation covering second charge loans with most of the legal stuff designed to protect the lender's interests and not the borrower's.
