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. ...
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