The FSA's plans to introduce a financial resource requirement for mortgage intermediaries will only ...
The FSA's plans to introduce a financial resource requirement for mortgage intermediaries will only add an unnecessary cost to the mortgage industry, argues the Mortgage Code Compliance Board. Responding to the FSA's Consultation Paper CP174 - outlining the proposed prudential and other requirements for mortgage firms and insurance intermediaries – the MCCB shows concern over the costs of maintaining and reporting on such reforms. According to the MCCB, this added requirement is not necessary, as most mortgage intermediaries do not hold client money. And in most cases ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes