The FSA says the approved persons regime will cover the whole of the mortgage industry, despite calls it should be limited to the intermediary market.
The FSA has proposed to extend the approved persons regime to people providing advice or arranging mortgages. While the FSA said this had been "broadly supported" by the industry, some believed the changes should only cover intermediaries.
However, speaking to the CML yesterday, Lesley Titcomb, director of small firms and contact for the FSA, said that there was no point in taking a "half-hearted" approach to extending the regime and the regulator must have oversight of the whole industry and those who work in it in order to combat fraud properly.
She said: "Whatever we introduce for intermediaries, we must introduce for those people working for lenders who deal with customers as well. It would, after all, be naïve to think that fraud can only ever be an intermediary problem."
The FSA will publish its rule changes on approved persons and arrears next week.
The changes to arrears handling are mainly a clarification of the rules set out in MCOB and will not have a transition period. However, Titcomb said there will be a transition period for new rules, including the new telephone call recording requirement and extending the period of record keeping from 12 months to three years.
Titcomb added that the Treasury is carrying out further work on its proposals for securitisation, after respondents to the consultation highlighted unintended consequences for the funding markets. The revised proposals will be out later this year.
More than half of people over the age of 55 see financial security as a top priority in retirement, yet a third allocate more time to buying a new car, research from Legal & General (L&G) has found.
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