FSA branded a 'disgrace' over individual broker registration

As part of its Mortgage Market Review (MMR), the FSA had announced plans to extend its approved persons regime to include all those who advise or sell mortgages. However, the changes, which would have required all advisers and branch staff to take a 'fit and proper' test, have been delayed indefinitely. The FSA said IT problems associated with the FSA's impending split into the Financial Conduct Authority and Prudential Regulation Authority were the reason behind its decision. But Robert Sinclair (pictured), CEO of the AMI, said the regulator's failure to implement the registration...