End of the FSA will be like waking up after a nightmare
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When I saw the announcement last week that the Financial Services Authority is to be phased out by 2012 all I could think was - at last.
Most brokers have been waiting for this announcement for six years, during which time the regulator has been nothing but a bureaucratic nightmare.
The wrongdoers it has tended to catch have been fraudsters and this should be a job for the police.
Why can’t we go back to something like the Mortgage Code Compliance Board and not let any of those with a vested interest in compliance influence us?
Mortgages are a simple product and I’m sure in years to come we will look back with incredulity at all the reports we have had to produce to stay on the right side of the FSA. But for now, let’s just be glad that Gordon Brown’s quango is on the brink of disappearing.
DAVID JAMES
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