On the same day the FSA meets with Treasury officials as well as the GISC and MCCB to discuss the fu...
On the same day the FSA meets with Treasury officials as well as the GISC and MCCB to discuss the future of mortgage and insurance regulation, one IFA has questioned whether the FSA is the right organisation for the job.
If you have any comments in response to comments by John Dorrell, managing director of Independent Mortgage Advice and Services, either forward them to Julie Henderson thru the right hand-link or post them on the discussion boards.
For those of you who are interested, we have been inundated with comments about polarisation proposals on the Industry Issues discussion board. If you have something to say, add your comments too or respond to others.
John Doddrell (Managing Director)
Independent Mortgage Advice & Services
Am I the only one or are there other people out there that are absolutely incensed at the way so called "Regulators" (try to) run our businesses via completely meaningless rules and regulation.
I have been in finance and other related business all my life and residential mortgages for the past five years. I have seen the MCCB change its name at least three times and address at least twice.
I was visited by their representatives, Pricewaterhouse Coopers, who made so many mistakes in their assessment of my business that I eventually had an apology from them for wasting my time.
Then there is the GISC. Does any body at the present time actually acknowledge them as a requirement?
I also cannot believe that the Government are going to employ the FSA as the body of people in charge of the regulation of something like mortgages. Maybe I have missed something, but I thought the FSA had already made rather a mess of running the investment industry recently. By this, I mean they have not exactly made a good job of endowments and pensions,and need I mention the latest fiasco regarding one very large investment company.
One of the only sensible organisations, NAMBA, created by mortgage brokers, for mortgage brokers has basically been "muscled out" of the business by bigger boys, maybe they had too much support and too many good and valid ideas. In my very humble opinion, we absolutely need some kind of "policing" and standard control, as I am well aware of some of the very poor tactics used by misguided brokers. But to give this responsibility to an organisation with the track record of the FSA is a very bad mistake and will lead to tears in the long run.
I would be very interested to hear from other brokers with similar thoughts as this industry is our livelihood and I treat it very seriously, ask my clients.
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