§ Mr. FlynnTo ask the Chancellor of the Exchequer (1) what plans he has to require mortgage providers to disclose the level of commission they receive from sales of bundled home insurance; [90817]
(2). what plans he has to ensure that mortgage lenders inform consumers whether purchase of the provider's insurance is a condition of the mortgage they are to take out; [90816]
(3). if he will place on mortgage providers a duty to inform customers at renewal or expiry of a particular home insurance policy that they can exercise the right to switch to an alternative insurance provider if they so wish. [90814]
§ Ms HewittThis and other matters associated with protecting the consumer interest will be considered in HM Treasury's review of whether advice on, and marketing of, mortgages should be subject to statutory regulation by the Financial Services Authority.
HM Treasury will shortly begin to assess the case for regulation.
§ Mr. FlynnTo ask the Chancellor of the Exchequer if the current review of the Council of Mortgage Lenders Code will include the practice of linking insurance with mortgage products. [90815]
§ Ms HewittYes. The operation of the Code will be reviewed and the Code provides that transparent information should be provided on such linkages.