The FSA today confirms plans to make all mortgage advisers, including branch-based staff, and those who arrange non-advised sales personally accountable.
It says they will be required to demonstrate they are ‘fit and proper' of face a penalty in a move the regulator hopes will help clamp down on mortgage fraud and enable the FSA to monitor individuals in the mortgage market. The Council of Mortgage Lenders (CML) had argued branch-based advisers should not be held accountable by the FSA because they are already subject to sufficient compliance standards within lenders. But the Association of Mortgage Intermediaries (AMI) argued the approved persons register should apply to the whole market. The FSA's decision to include bank staff is...
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