Paying for their mistakes

clock

The FSA says it will consider a move to regulate individual brokers after the regulator refused to rule out making brokers subject to its Approved Persons regime.

As part of its crackdown on mortgage miscreants, the FSA said it was now appropriate to review its decision five years ago to exclude individual mortgage brokers from regulation. A spokeswoman for the FSA emphasised that regulating individual brokers was just one of a number of options currently being considered, but confirmed that a cost benefit analysis would now be carried out. According to the FSA, there are currently 3,264 firms for whom mortgage broking is their main business, with an additional 7,078 intermediary firms that specialise in other areas but deal with mortgages too. Br...

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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Wren Sterling adds £265m in client assets in latest deal

Wren Sterling adds £265m in client assets in latest deal

First advisory firm purchase of 2024 for national financial planner

Jenna Brown
clock 28 March 2024 • 1 min read
Consumer Duty Alliance looks to attract advice industry talent

Consumer Duty Alliance looks to attract advice industry talent

New Talent Alliance will be chaired by M&G Wealth Advice MD Tom Hegarty

Isabel Baxter
clock 27 March 2024 • 2 min read
PA Working Lunches: Register today to hear from SimplyBiz

PA Working Lunches: Register today to hear from SimplyBiz

Join us for an informative session worth one hour of CPD

Professional Adviser
clock 27 March 2024 • 1 min read