Committee will spot risks known to all but our regulators
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I was interested to read on Mortgage Strategy Online that the FSA, the Office of Fair Trading and the Financial Ombudsman Service want to create a consumer protection committee to identify risks.
Do we need another committee to identify risks that are blindingly obvious to all practitioners in the industry except the regulators and the ombudsman? And why has it taken five and a half years since mortgage regulation to start thinking about this?
Point one on the agenda should be - what risks could have been identified years ago if the FSA knew what it was doing?
Point two should be - how much damage has the FSA done by driving out thousands of advisers, discrediting products and giving ammunition to ambulance chasers?
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