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V Loans supports regulation of secured loans
V Loans, the national secured loans packager, believes the announcement that secured loans will come under the FSA’s purview is the best thing that can happen to ensure the final acceptance of secured loans by the intermediary market.
According to Marie Grundy, operations director at V Loans, having a single regulator will give reassurance to brokers who still felt that secured loans were not an appropriate choice for their clients.
She said “Many of the brokers we talked to have just not felt happy to recommend their clients to us, even though we are carrying all the regulatory risk for advice. Although we have not seen any details as to how the FSA mean to proceed, the very fact that all secured borrowing will now be under the same regulator will mean that more intermediaries will feel that with a level playing field, secured loans will no longer be seen as a poor relation to other forms of lending, even though in many current scenarios, a secured loan is better advice for the client than remortgage or further advance.”
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