A timetable for the implementation of new mortgage and general insurance broking regulation is ...
A timetable for the implementation of new mortgage and general insurance broking regulation is now available online.
The timetable, displayed on the FSA's website, is subject to change but the regulator assures if this is necessary, an updated version will be published.
The FSA says its intention, following changes to secondary legislation, is to complete new rules and guidance during the second half of 2003. According to the regulator, this will allow firms operating in both the mortgage and general insurance sector to make a single application to the FSA.
On the immediate agenda, draft mortgage legislation will be published at the end of this month for consultation.
In March, an FSA guide for intermediaries will be published. It is described as a short information guide, produced specifically for firms not already authorised by the FSA and designed to provide an explanation of the FSA consultation process.
This last initiative looks to be aimed at appeasing intermediaries who feel threatened by the new regime and have been calling out for effective communication as to why regulation is needed.
Some onlookers continue to argue that regulation should involve a process of backtracking to see which individuals are ripping the public off rather than enforce an all-encompassing regulatory regime.
The timetable is found at www.fsa.gov.uk under the hot topics section or click on our link on the right.
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