MORTGAGE MIS-SELLING AND EXCESS PROFITS

Early day motion 818, tabled 13 July 1999 by Paul Flynn (Labour). Signed by 34 members.

That this House applauds the Daily Mail's description of the action of banks and building societies in failing to reduce interest rates as 'greed, naked and unashamed'; notes that half of all mortgages were mis-sold in a recent survey in Suffolk; is concerned that a mortgage mis-selling scandal of epic proportions is occurring; believes that the mortgage industry should be placed under the control of the Financial Services Authority and that a windfall tax should be imposed on its unfair profits; and calls on the Government to establish a fee-based independent advice service to provide the public with advice on pensions, mortgages, investments and endowments that would be separate from the paid commission.

Signatures by party: Labour 25, Liberal Democrat 8, Labour/Co-operative 1.