It is not often that the FSA receives praise, but I believe it has taken a step in the right direction with its distribution and disclosure consultation paper.
Overall, there are a number of positive developments in CP10/28 that will reinforce the intermediary market. Primarily, it creates a level playing field between direct sellers and intermediaries, which is too long overdue. Under FSA rules, intermediaries have, quite rightly, needed to ensure that their staff are fully qualified and equipped to effectively sell mortgage products to the public. Meanwhile, their direct competitors have only been required to undertake minimal training to advise on mortgages. This is blatantly unfair. Under the FSA's plans, direct sellers will have t...
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