The FSA has only an ‘acceptable' score in the areas of mortgage regulation and regulation of small firms for the last financial year, according to the Financial Services Consumer Panel (FSCP) Annual Report .
Judging the regulator on outcomes for consumers, the Panel says in the area of mortgage regulation it was right the FSA conducted a review since taking over in 2004. However, it says this review revealed problems that need to be followed up for example consumers are not using the mortgage IDD to distinguish between advice and sales, and the industry is yet to fully incorporate TCF. Its priorities for the FSA for next year are: “Strong action taken against firms who do not apply the principles and rules correctly.” Mortgage arrears and mortgage affordability were considered ‘weak’ p...
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