HC Deb 19 July 1989 vol 157 c225W
72. Mr. Beith

To ask the Chancellor of the Duchy of Lancaster whether he will make a statement on the working of the Financial Services Act so far as it affects seeking advice on mortgage finance.

Mr. Maude

Advice to house purchasers on mortgage finance is not in itself a matter covered by the Financial Services Act, but if the arrangements for repaying the mortgage involve an investment agreement (for instance, by the borrower taking out an endowment life insurance policy) then that element of the transaction is subject to regulation. A person giving investment advice on such transactions by way of business must, unless exempted, be authorised under the Act and abide by rules regulating the conduct of that business.