'Schizophrenic' FSA lost the plot on Tesco, says AMI


Robert Sinclair, chief executive of the Association of Mortgage Intermediaries (AMI), has said the Financial Services Authority (FSA) has "lost the plot" over its decision to allow Tesco to sell non-advised mortgages.

Writing for Mortgage Solutions, IFAonline's sister title, Sinclair said that the regulator's decision in favour of Tesco was at loggerheads with its current thinking. He added that, given the direction the Mortgage Market Review (MMR) suggests the industry should take, advised-only deals "should be consigned to the bin". He also said it was unfair on firms like mortgage and investment company Castle Trust, which is having to endure a long approval process. "[The approval] might be within the rules but surely it is not within the principles of the regulator's current guidance and th...

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